President Bola Tinubu on Tuesday called for collaborative efforts from all stakeholders and insisted that there is need to accelerate and mobilise the necessary resources to achieve the nation’s climate goals.
The president stated this at a Climate Security Summit in Abuja organised by the National Council on Climate Change Secretariat, in collaboration with stakeholders and development partners.
Represented by the Minister of Regional Development, Abubakar Momoh, the president noted that climate poses threats to the world including Nigeria.
He said: “I address you today at this National Climate Security Summit with a profound sense of responsibility and urgency. Our gathering’s theme, “Actualising Financial Commitments Towards Climate Change and National Development,” underscores the critical intersection between climate action, sustainable development, and our collective security.”
He noted: “The climate crisis is not a looming threat but a present and undeniable danger, inflicting devastation upon our nation. Its merciless assault is evident nationwide, from the relentless surge of sea levels threatening our coastal communities to the crippling droughts that ignite farmer-herder conflicts and exacerbate food insecurity.
“The frequent and violent extreme weather events, such as floods and heatwaves, ravage our economy, displace vulnerable populations, and overburden our strained infrastructure. Climate change poses an existential threat to our nation, continent, and, indeed, the world.
“It is a threat that exacerbates existing vulnerabilities and undermines our hard-won development gains. With urgency and determination, we must act now to address this crisis.”
The president added: “Recognising this urgent challenge, Nigeria has demonstrated its commitment to climate action through various initiatives, most notably our ambitious Nationally Determined Contributions (NDCs) under the Paris Agreement.
“We have pledged to unconditionally reduce greenhouse gas emissions by 20% and 47% conditionally by 2030. However, a recent review of our progress over the past nine years reveals that while we have made commendable strides in various areas, we have yet to realise the ambitious goals outlined in our NDCs fully.
“This underscores the need to significantly accelerate our efforts and mobilise the necessary resources to achieve our climate goals. Despite the challenges, we remain steadfast in our commitment to a sustainable future for Nigeria.
“This summit serves as a crucial platform to re-energise our efforts, identify and address the barriers to implementation, and chart a new course towards a low-carbon, climate-resilient economy.
“This commitment is reflected in our response to the landmark outcome of the Global Stocktake, which unequivocally called for a decisive transition away from fossil fuels; we have embarked on a bold and transformative path towards a cleaner, more sustainable energy future.
“This monumental shift has spurred many ambitious programs, notably the groundbreaking Presidential Initiative on CNG (Compressed Natural Gas).”
He said: “This initiative represents a critical step in our unwavering commitment to diversifying our energy mix and curbing harmful greenhouse gas emissions. We are aggressively pursuing the expansion of CNG infrastructure and incentivising the adoption of CNG-powered vehicles, thereby slashing our reliance on fossil fuels and ushering in an era of cleaner transportation and improved air quality.
“This initiative is not merely a response to global pressure but a proactive and decisive measure to safeguard the health of our people and planet and secure a brighter future for coming generations.”
He however said: “Commitments alone are not enough. We must translate these commitments into concrete actions. Actions require financing. The scale of the climate challenge demands significant financial resources to support mitigation and adaptation efforts.
“This is why today’s summit is so crucial. We are here to explore innovative financing mechanisms, mobilise domestic and international resources, and foster partnerships to accelerate climate action.
“We must enhance our domestic revenue generation capacity to fund climate-resilient infrastructure, invest in renewable energy, and promote sustainable agriculture. This includes exploring green bonds, carbon pricing mechanisms, and climate-smart budgeting.
“To access climate finance, we must actively engage with international partners, including developed countries, multilateral institutions, and private sector investors. This includes advocating for increased funding for adaptation, technology transfer, and capacity building.
“To fully engage the private sector in our climate action, we must foster an enabling environment beyond simple incentives. This includes the implementation of a newly developed robust carbon market framework with transparent carbon pricing to drive low-carbon investments.
“We must also streamline regulatory processes, promote innovative green financing mechanisms like green bonds and risk-sharing instruments, and foster public-private partnerships to develop and implement climate solutions collaboratively.
“This multifaceted approach will unleash the full potential of the private sector in building a sustainable future for Nigeria.
“We must ensure that climate finance is used effectively and efficiently. This requires robust monitoring and evaluation frameworks and transparent reporting mechanisms.
“We must ensure that climate action is inclusive and equitable, focusing on protecting the most vulnerable communities. This includes investing in social safety nets, promoting gender equality, and empowering local communities. We must ensure no one is left behind in our journey towards a sustainable future.”
The president noted that: “The task is immense, but we can rise to the challenge together. By actualising our financial commitments, we can unlock the potential for a green and sustainable future for Nigeria.”
He advised the stakeholders that: “Let us seize this opportunity to build a climate-resilient nation where our economy thrives, our communities are safe, and our environment is protected for future generations.”
Also speaking the Director General, National Council on Climate Change, and the Special Presidential Envoy on Climate Change, Dr, Nkiruka Maduekwe noted that the law provides for the establishment of climate change fund to enable Nigeria to strengthen her resilient and safeguard the people from the impact of climate change, but Nigeria is yet to operationalise the fund.
She noted that one of the reasons for the meeting was to bring together stakeholders to plan useful strategies that would ensure Nigeria is able to benefit from the fund.
She equally noted that the meeting would devise Nigeria’s strategies at the upcoming COP 29, insisting that Nigeria should expect positive outcomes from the global meeting.
Maduekwe said already in place are trained negotiators who would be on attendance at the COP 29 for Nigeria so that the nation can come out from the meeting with goodies.
Michael Olugbode
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