Nigeria has unveiled an bold plan to mobilize as much as $3 billion yearly in local weather finance by way of its Nationwide Carbon Market Framework and Local weather Change Fund, positioning itself as a frontrunner in nature-positive funding throughout the World South.
Vice President Senator Kashim Shettima made the announcement throughout a high-level thematic session titled “Local weather and Nature: Forests and Oceans” on the ongoing United Nations Local weather Change Convention (COP30) in Belem, Brazil.
Representing President Bola Ahmed Tinubu, Shettima emphasised that Nigeria’s local weather technique is rooted in restoring stability between nature, growth, and {economic} resilience.
“Via our Nationwide Carbon Market Framework and Local weather Change Fund, we intention to mobilise as much as three billion US {dollars} yearly in local weather finance,” Shettima declared. “These sources shall be reinvested in community-led reforestation, blue carbon tasks, and sustainable agriculture.”
Shettima urged the worldwide group to considerably enhance grant-based finance and implement modern mechanisms akin to debt-for-nature swaps and Blue Carbon Markets below Article 6 of the Paris Settlement. He harassed that nature, forests, oceans, and landscapes are shared world belongings that should be protected by way of predictable, equitable, and accessible funding.
“We name on our world companions to recognise the {economic} worth of nature and to channel vital finance in the direction of defending and restoring it,” he mentioned.
He additionally highlighted the injustice confronted by World South nations, which have contributed least to local weather change however bear its highest prices. “Nations which have benefited extra from centuries of extraction should now lead in restoration,” Shettima asserted.
Nigeria’s Local weather Change Act of 2021 enshrines nature-based options as a authorized obligation of the state. Shettima outlined a number of initiatives already underway:
He emphasised that Nigeria is “taking daring, coordinated steps to revive stability between local weather, nature, and growth,” supported by the institutional spine of the Nationwide Council on Local weather Change.
Rejecting the portrayal of Africa as a passive sufferer of local weather change, Shettima argued that the continent is residence to among the world’s largest untapped carbon sinks and a youthful inhabitants able to driving innovation.
“Africa’s rainforests, mangroves, peatlands, and oceans are world belongings. Our younger persons are the world’s biggest untapped supply of innovation and resolve,” he mentioned.
Shettima referred to as on world companions to hitch Nigeria and the African Union in advancing the African Nature Finance Framework, designed to unlock non-public capital for reforestation, ecosystem restoration, and blue financial system growth throughout the continent.
“Nigeria believes that COP30 should mark the start of a brand new compact — one which recognises Africa’s ecosystems as world belongings deserving of world funding and safety,” he concluded.
President Bola Tinubu had introduced in April that Nigeria’s newly finalised Carbon Market Activation Coverage was poised to unlock as much as $2.5 billion in high-integrity carbon credit and related investments by the 12 months 2030, positioning the nation as a hub for climate-smart finance on the African continent.
