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From Idu Jude, Abuja
As the world prepares for the 29th edition of the United Nations Conference on Climate Change (UNCC) conference of parties (CoP) in Baku, Azerbaijan, the Federal Government, has said African countries are faced with the challenges of providing over 210 billion dollars to fight the scourge till 2023.
Senior Special Assistant to the President, Abiodun Essiet, while speaking at the 3rd National Conference on Climate Change, yesterday, in Abuja, remarked that the continent should bring their thoughts together to address the issue of climate change, to save Africa from the danger of being caught up by the new normal.
Easiet said the Federal Government has established a sovereign fund from the national budget to address emergencies arising from climate change in immediate communities across the country.
Further speaking, she advised that African countries preparatory to CoP 29 coming up in Baku, Azerbaijan, should, as a matter of urgency, put their thoughts together to mould opinion as an African voice.
Convener of the third edition of the National Conference on Climate Change, Akinbode Oluwafemi, executive director of Corporate Accountability and Public Participation Africa (CAPPA) in his opening speech, suggested a drastic approach through a concerted efforts by African countries to address the issue of shot fall in African climate change financing even as the bulk of the world funding comes from Africa.
The Intergovernmental Panel on Climate Change (IPCC) estimates that global investment and financial flows of $200/210 billion will be needed by 2030 to meet the global greenhouse gas emission target of below 1.5 degrees set in the Paris Agreement.
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Africa will need a significant amount of funds to adapt to climate change and limit the impact of the warming.
Akinbode said it is estimated that the region will need an average of $250 billion per year in climate financing between 2020 and 2030 against the paltry sum of $30 billion it received in 2020, which is about 12 per cent of the amount needed.
“ Additionally, the private sector is also expected to help in the mobilisation of $ 213.4 billion annually, with Multilateral Development Banks deploying more than $10 billion to bridge the gap. Though minimal compared to the quantum of devastation caused by climate crises in the region, including Nigeria, not up to 20 per cent of the said funds have been raised.”
Consequently, he informed that climate activists and rights movements across the world, including the Demands for Climate Justice (DCJ) Climate Action Network, and others, have called for the declaration of a state of emergency on climate financing with an initial demand of $5 trillion annually in the next five years as a down payment to the global South as a matter of urgency and justice.
Key note speakers during the conference, Nimmo Basset, executive director, Health of Mother Earth Foundation, and Faith Nwadishi, executive director of Centre for Advocacy Transparency (CTA) corroborated that more emphasis be paid to the Leo colonisation as such would uncover corporate and political interests that have characterised global conversations around commensurate compensation and those that have slowed down just climate finance by misplacing them with carbon projects.”
Participants, during the conference, advocated that government of Nigeria should, as a matter of urgency, make appropriation for climate change matters to address the yearly emergency situation.
The Nigerian government, under the National Climate Change Act 2021 made provisions for climate change fund to be sourced from sums appropriated by the National Assembly, subventions, donations, compensation.
