Group Seeks Increased Climate Finance For Nigeria

Folashade Adeniran
Dec, Thu, 2023

Agriculture

Group seeks increased climate finance for Nigeria

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By Mercy Omoike

The PUTTRU Technologies Ltd. has restated its commitment to increased climate finance for Nigeria to support sustainable actions.

The group disclosed this in a webinar on Wednesday in Lagos.

The News Agency of Nigeria (NAN) reports that PUTTRU is an investment platform that connects energy and power sector businesses in Africa to funds.

Its core mandate is to remove bottlenecks in private-sector investment and mobilise finance for energy sector development in Africa.

Climate finance refers to local, national or transnational financing—drawn from public, private and alternative sources of financing—that seeks to support mitigation and adaptation actions that will address climate change.

The Founder, Mrs Monica Madueke, at the webinar reiterated the need for enhanced climate finance investment to remain relevant in the global climate change conversations.

“So, there is a lot to discuss about climate finance and climate change, and how Nigeria can really start benefiting from the whole global discussions on climate finance.

“We promoted climate change topics during the COP conference last year and had the launch of the White Paper, which was done with three ministries in Nigeria, i.e. the Ministry of Power, Ministry of the Environment, and the Ministry of Industry, Trade and Investment.

“There is the whole conversation that well developed countries can provide some funding to support developing countries in climate change transition, and this is where PUTTRU comes in.

“Our concern is facilitating funds for Africa, and Nigeria, specifically. We need funds in the climate change conversation, the government owned fund is not enough to do everything,” the PUTTRU boss said.

Madueke also restated the need for Nigeria to position itself as a beneficiary of climate finance alongside other African countries.

She noted that Nigeria must put in more efforts to garner pledges for climate finance.

“In a study we did last year on the White Paper, we saw that government fund is growing very minimal compared to the population growth.

“So, the question now is, how can Nigeria position herself to receive the most of climate finance that is available?

“We have a number of countries such as Kenya, South Africa and Egypt competing for the same funds.

“Not many is going to our own region in Africa, talk more of Nigeria. So, the question is, what can we do for Nigeria and that is why we are having this conversation.

“Africa and Nigeria specifically needs huge amounts of investment in climate finance.

“Hence, there’s the need to really step up the conversation and see that the funds are unlocked,” Madueke said.

She added that Nigeria under the dynamics of climate finance must sought after increased private sector equity capital.

“There are always new pledges, new support of climate finance for developing countries but these does not translate into real transformational projects.

“The new quantitative collective goal for climate finance is $100 billion per annum, this is climate finance target that was made at the Paris Agreement.

“We need to understand that kind of dynamics playing for climate finance for Nigeria.

“We want Nigeria and other developing countries to meet the climate goal in a sustainable way, in a way that is also just, in terms of the climate conversations.

“And we are putting forward that Nigeria and developing countries need to pursue equity capital.

So, Nigeria needs to attract the private sector investment in climate finance.

“Nigeria needs to be at the forefront of those that are getting this new climate finance framework, and new support from the framework,” she added. (NAN)
Edited by Chinyere Joel-Nwokeoma

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