By Peter.
Corporate Accountability and Public Participation Africa (CAPPA) has criticised Nigeria’s target of mobilising $3 billion annually in climate finance, stating it falls far short of what’s required to address the nation’s severe climate vulnerabilities. 🇳🇬🌍
Speaking in Port Harcourt on Tuesday, CAPPA’s Associate Director for Climate and Environment, Olamide Ogunlade, described the figure as inadequate in light of escalating issues like flooding, desertification, and food insecurity.
Nigeria recently announced plans to raise up to $3 billion each year through its National Carbon Market Framework and Climate Change Fund. Vice President Kashim Shettima highlighted this initiative at the ongoing United Nations Climate Change Conference (COP30) in Belém, Brazil, emphasising carbon markets as a key tool for funding nature-positive projects.
Ogunlade acknowledged the potential of the funds but insisted they must prioritise renewable energy, reforestation, flood defences, and climate-resilient farming practices. He stressed the importance of transparency, accountability, and involvement from government, civil society, and vulnerable communities in managing the resources. 🔍💧
The CAPPA official voiced doubts about Nigeria’s goal of reducing emissions by 32% by 2035, pointing to inconsistent policies and heavy reliance on fossil fuels. “Achieving this will be tough without shifting focus to renewables and cutting oil and gas dependence,” he noted.
At COP30, Ogunlade urged Nigeria to advocate strongly for more climate finance, renewable energy investments, and loss-and-damage support. He called on the country to use its influence in Africa to demand equitable funding and technology transfers from developed nations.
Developed countries, he added, must fulfil historical obligations by delivering on promises for finance and tech support, enabling Nigeria to pursue green growth without sacrificing development.
Ogunlade remains optimistic that Nigeria’s active role at COP30 will advance global climate action and ensure fair backing for its environmental preservation efforts. 🌱🤝
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