President Muhammadu Buhari has said Nigeria needs critical mass of financial resources beyond what the nation can provide from its resources to be able to respond effectively to climate change mitigation and adaptation challenges.
He made the appeal in Paris on Tuesday in a submission to the ‘One Planet Summit’ in France attended by over 60 heads of state and government as well as representatives of non-governmental and private organisations, with the theme, “Climate Change Financing."
Buhari said Nigeria could not implement its nationally determined contribution without adequate financial, technical and capacity building support from the developed countries.
"Nigeria recognizes that ensuring sustainable funding is a major constraint in efforts to implement the Nationally Determined Contribution,” he said.
The president stated that “having just come out of recession, we are under no illusion of the challenges that we face in Nigeria.”
He said since the adoption of the Paris Agreement, Nigeria had been strengthening its efforts towards the implementation of the agreement and the Marrakech Call for Action, "and Nigeria had already ratified the Paris Agreement in May 2017."
President Buhari, however, said the country’s “Nationally Determined Contribution to reduce our emission by 20% by 2020 and 40% by 2030 cannot be attained alone."
He said Nigeria “has embraced the issuance of the green bond as an innovative and alternative source of projects funding that would help reduce emissions and provide robust climate infrastructure, such as renewable energy, low carbon transport, water infrastructure and sustainable agriculture in line with the Paris Agreement.”
He said his government was tightening the existing governance structure in Nigeria for more effective implementation of climate change activities, including the additional responsibilities consequent on the adoption of the all-encompassing climate change treaty.
The president, therefore, appealed to the international community to support Nigeria’s commitment to reducing the negative effects of climate change.
“In Nigeria, we are looking at insurance-based proposals to deal with loss, damage and adaptation to the poor, vulnerable and hard-to-reach groups. Risk mitigation through insurance must benefit those groups who currently have negligible access to any form of indemnity coverage. Vulnerable groups will also benefit from new technologies and ways to make insurance schemes affordable, including through long term premium support.”
He said Nigeria would require external assistance in the following areas: “A long term solution for a source of clean power, which can be achieved through private investments to create economic competitiveness for industrialization, job creation and agricultural programmes throughout the country; and the inclusion of Nigeria in Climate Regional Programmes, especially strong financial support to our planned project for the replenishment of the Lake Chad.”
According to him, “this long term solution will ensure sustained livelihood for rural and urban communities, and permanently address the conditions conducive to the spread of violent extremism and terrorism, and stem illegal migration especially of our youths abroad.”
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