This article explores the crucial role of climate finance in accelerating Nigeria's sustainable development amidst a growing population and the looming threat of climate change. It delves into the recent agreement at COP29 regarding climate finance commitments, highlighting the concerns of developing nations like Nigeria regarding the adequacy of the pledged funds.
Against the backdrop of the recently concluded UNFCCC Conference of Parties (COP) 29 in Baku, Azerbaijan, it is evident that climate change is not just an environmental issue but an economic one, with far-reaching implications for Nigeria ’s development. As the largest economy in Africa, Nigeria is at a critical juncture where climate finance can play a pivotal role in driving sustainable development .
With a rapidly growing population, estimated to surpass 400 million by 2050, the need for sustainable development has never been more urgent. Climate finance, the funding channeled towards activities that mitigate or adapt to climate change, offers a unique opportunity to address these challenges while unlocking economic growth. Much furore has been made about the New Collective Quantified Goal (NCQG) on Climate Finance that was agreed at COP29, with numerous developing nations, including Nigeria, registering their displeasure at the USD$300 billion per year pledge made by the developed countries to support climate mitigation and adaptation efforts of countries in the global south. This new pledge replaced the previous commitment agreed by developed nations in 2009 to mobilise $100 billion annually, which should have been met by 2020, but was only realised two years later. Whilst the NCQG fell short of the approximate USD$1.3 – $2 trillion required annually by developing countries, the stark reality is that Nigeria has been unable to tap into even one percent of the previously committed fund
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