An estimated $142 billion will be required by Nigeria’s Nationally Determined Contributions’ ambition under Climate Change Accord to meet the 2030 target, Minister of State for Environment Ibrahim Jibril has disclosed.
The Minister stated this while presenting Nigeria’s progress report on climate change goal under the Sustainable Development Goals Nigeria at the United Nations.
The NDC is a binding agreement, which spelt out the actions a country intends to take to address climate change – both in terms of adaptation and mitigation – when it ratifies the Paris Agreement.
The Minister said: “The delivery of our NDC will require a fundamental re-orientation of financial flows within the economy.
“It is estimated that Nigeria will require around 142 billion dollars , translating to about 10 billion dollars per annum to meet her NDC target by 2030,” he said.
He said Nigeria had recognised that climate change presented one of the greatest challenges of the world today.
“In the midst of this vulnerability, an opportunity resides for Nigerian economy to grow in a manner that is climate resilient and empowers people whilst meeting its energy deficiency.
“One of the innovative means of exploring this opportunity is through the issuance of green bonds, which has gained recognition as means of raising finance for climate friendly purposes.
“Accordingly, the Federal Government has advance plans to issue a program of N150 billion in green bonds over the next few months.
“This is with a pilot issue of N12.384 billion in the third quarter of 2017 and the balance over the course of the budget year.
“Collaboration between Ministry of Environment and Finance continues to pull together the institutional partners necessary to achieve what would be Nigeria and Africa’s first sovereign green bond and the worlds third.”
Jibril said Nigeria was partnering with the Lake Chad basin countries to address the challenges of drying up of the lake which will have adverse consequences on the people and the ecosystem.
“Equally, actions to fast track the environmental clean-up of the Niger Delta beginning with Ogoniland are undoubtedly one of the most significant decisions taken by the President Muhammadu Buhari’s Administration.
“The President’s action has now breathed new life into a four-year report by the UN Environment Programme (UNEP), which hitherto had experienced a series of false starts since it was published on Aug. 4, 2011.”
The Minister of State for Budget and National Planning, Mrs Zainab Ahmed, said Nigeria’s progress towards localising the SDGs was with an emphasis on ensuring implementation across all levels of government.
“Specifically, the Ministry incorporated and ensured policy linkages between the SDGs and the Economic Recovery and Growth Plan, a four-year medium term development plan launched on April 5, 2017.
“The plan is aimed at ensuring sustained and inclusive growth; building a globally competitive and diversified Nigerian economy, investing in our people and building strong governance institutions to drive change.”
Additionally, specific programmes and projects aimed at achieving the SDGS have been integrated into the 2017 National Budget, and will be included in future budgeting frameworks, she said.