Nigeria’s House of Representatives has called on the federal government to make good use of opportunities in the climate investment funds which was estimated at about $23 billion presently.
The resolution of the House followed the adoption of a motion moved at the plenary yesterday, by Hon. Daniel Amos.
Moving the motion, Amos said that the African Carbon Market Initiative estimates Nigeria could generate more than $500 million annually by 2030 while supporting over three million jobs through reduced carbon emissions.
Among other things, he noted that Nigeria is a signatory to the 2015 UN Climate Change Conference (COP21) Paris Agreement, which was ratified in 2017 and formulated its Nationally Determined Contributions (NDCs), announced its net-zero commitment by 2060 in 2021, following the enactment of the Climate Change Act.
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Amos argued that investments in sustainable green projects would create jobs, stimulate innovation, and contribute to Nigeria’s economic development, an estimate of resources pledged to major climate change advocacy organisations such as the Green Climate Fund, the Global Environment Facility, the Adaptation, and the Climate Investment Funds puts the total value of Green Funds at $23bn for 2024.
This, he said, excluded other sources of finance, such as bilateral and multilateral aid, private sector investment, and domestic resources.
The lawmaker stressed that carbon credits represent one metric ton of carbon dioxide (Co2) or Greenhouse Gas (GHG) emissions removed from the atmosphere.
Story was adapted from Thisday.
