NCCC calls for increased financing to address climate impact

The Director General, National Council on Climate Change (NCCC), Barr. Teni Majekodunmi has called for increased domestic and international finance to address the funding the gap in Nigeria’s Nationally Determined Contribution (NDC) 3.0.

She said this is to meet the  nation’s emission reduction targets, and enable the country adapt effectively to climate change impact through mechanisms such as, the Green Climate Fund (GCF), the Adaptation Fund, bilateral and multilateral climate finance facilities, Public-private partnerships, Innovative instruments such as green bonds and blended finance mechanisms, among others.

Majekodunmi made this call at the workshop on National Council on Climate Change and the validation of Nigerian’s Nationally Determined Contribution, NDC 3.0 in Abuja with the theme, “Driving ambition, strengthening action and aligning with Paris agreement and global stock take”.She noted that the cost of implementing the country’s mitigation and adaptation measures is huge noting that the investments across key sectors like, energy and power generation, agriculture, forestry and land use (AFOLU), Transportation, Industry and waste, Oil and Gas, Water resources and health.“In addition to external support, we recognize the urgent need to mobilize domestic resources, reform fiscal frameworks, and incentivise private sector investment in low-carbon development. Implementation of our NDC also requires a significant investment in human capital and institutional capacity. We still need enhanced technical expertise for data collection, monitoring, and reporting with Stronger institutional coordination mechanisms,” Majekodunm said.She called on  global partners, particularly the developed countries, to fulfil their commitments under the United Nations Framework Convention on Climate Change (UNFCCC) and Paris Agreement  in relation to technology transfer and support for innovation in developing countries.

NCCC calls for increased financing to address climate impact - The Nation Newspaper