President Bola Tinubu has called on international financial institutions, including the World Bank, International Monetary Fund, and African Development Bank, to scale up financing for climate action in Africa.
Represented by Vice President Kashim Shettima at the Climate Summit during the 80th Session of the United Nations General Assembly in New York, Tinubu emphasized that climate action is not a choice but an existential necessity for Nigeria, a country acutely vulnerable to climate impacts.
According to Tinubu, Nigeria is mobilizing $20 to $25 billion in climate finance by 2030, including green bonds, blended finance, and public-private risk-sharing mechanisms. “We aim to unlock at least seven to 10 billion dollars in grants and concessional finance from global partners, while promoting technology transfer, regional energy integration, and green entrepreneurship to drive inclusive growth,” he stated.
The President urged global partners to scale up concessional finance, knowledge sharing, and technology transfer to accelerate not just Nigeria’s transition but Africa’s contribution to a safer, more sustainable world. “For Nigeria, a country acutely vulnerable to climate impacts, climate action is not a choice; it is an existential necessity,” Tinubu added.
Tinubu also highlighted Nigeria’s commitment to reducing deforestation by 60 percent, which offers a substantial mitigation potential of 304.8 MtCO2eq. The country also aims to increase forest area through reforestation and afforestation, pursuing a mitigation potential of 34.4 MtCO2eq.
To achieve its climate goals, Nigeria has launched the Nigeria Carbon Market Activation Policy, establishing a robust framework for high-integrity emissions reductions. “Through this mechanism, our target is to mobilize up to 2.5 billion dollars by 2030 in high-quality credits and related investments,” Tinubu said.
The President emphasized that climate action requires collective global effort, noting that no country can tackle the climate crisis alone. “Like other developing nations, Nigeria requires significant support to implement effective mitigation and adaptation strategies,” he added.
Tinubu’s call to action underscores the need for global cooperation in addressing the climate crisis. As the world grapples with the challenges of climate change, leaders like Tinubu are pushing for increased funding and support for climate action initiatives.