#ClimateFinanceNG: Attracting Funding For Climate Adaptation & Mitigation — by @schrodingerr

Climate Finance takes care of incremental costs of the transition to a low carbon, climate-resilient development. These include the costs of clean technologies that have a relatively high initial cost outlay compared to the “dirty technology” options powered by fossil fuel. Developed countries are expected to raise USD100 bn pa by 2020 for Climate Finance with 50% for Adaptation. This isn’t working for Adaptation due to the lack of a robust business model to make Adaptation attractive to the private sector.

Countries like Nigeria can harness Climate Finance by developing bankable feasibility reports (BFRs) for projects designed to transform the problem of Gas Flaring into economic assets. The GHGs reduction potentials must be clear in the BFRs. Fortunately, stopping Gas Flaring has been defined as a national development priority in Nigeria’s Nationally Determined Contributions (NDCs) that constitute building blocks of the Paris Agreement. We need to get the BFRs as critical next step with the BFRs tailored to meet the funding criteria of some multilateral Climate Finance pools like the Green Climate Fund, Nigeria can access more Climate Finance to be able to decarbonize her economy in line with the plans/strategies in her NDCs.

Climate Finance is essential for de-risking Adaptation and Mitigation projects in developing countries like Nigeria while catalyzing win-win outcomes for all stakeholders via incentives like grants, concessionary loans, & patient capital. With a de-risked investment environment for Adaptation & Mitigation projects, more private investments’ll be attracted to fund low-carbon developments that’ll drive an inclusive, circular economy that protects interests of vulnerable people.

The UN Environment Programme Finance Initiative Principle for Responsible Banking believes “only in an inclusive society founded on human dignity, equality and the sustainable use of natural resources, can our clients and customers and, in turn, our businesses thrive”. Climate adaptation and mitigation technology is crucial to implement Paris Agreement. How accessible, available and attractive are this tech? Do you feel we have relevant user capacity in developing countries especially in Nigeria? This gives hope that BankingIndustry with USD trillions in financial resources will contribute to the emergence of the #FutureWeWant where the social sector will receive required investments to cater to needs of vulnerable citizens/communities.

Having defined our low carbon development priorities in Nigeria NDCs, we need to engage more with private sector via upscaled awareness creation & capacity building to enable increased awareness of manifold benefits of increased access to Climate Finance. While these technologies are available, they are relatively not accessible due to the “initial cost versus integral cost” dynamics that favour “dirty” technologies in the short term. Climate Finance breaks entry barriers for clean technologies.

This is a tweet-chat series on #ClimateWednesday — #ClimateFinanceNG

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A leading youth voice on Climate Change which seeks to build a climate-smart generation across Africa while identifying key development issues affecting population across Africa especially in Nigeria through creative dialogues and innovations.

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