Climate finance should bridge gaps btw global commitments, local realities- Nwadishi

By Mashe Umaru Gwamna

The Founder and Executive Director of Koyenum Immallah Foundation, Faith Nwadishi said

the future of climate finance should be hinged on collaboration transparency and approaches that bridge the gap between global commitments and local realities.

She made this known  at the 3rd National Climate Change Conference organized by Climate Change organised by Corporate Accountability and Public participation Africa (CAPPA), yesterday in Abuja .

Immallah emphasized that for the  progress at COP29 and beyond, international solidarity and proactive advocacy will be key in shaping sustainable policies that support those most affected by the climate crisis.

She said by fostering local leadership and embracing inclusive financial mechanisms, the global community can pave the way for a resilient and equitable response to climate change.

She said according to a report by the United Nations Environment Program, that developing nations will require an annual financial commitment ranging from $215 billion to $387 billion throughout this decade to effectively address and mitigate the impacts of global warming.

She also noted that “The 2023 climate inequality report by World inequality lab shows that the bottom 50% of the world’s population bears 75% of relative climate losses, contributes only 12% to emissions, and has just 2% of the capacity to finance, while the top 10% contributes 48% of emissions, experiences only 3% of losses, and holds 76% of the financial capacity.

” This disproportionate effect highlights the need for equitable climate finance—financial flows that support both mitigation and adaptation efforts in developing nations.

“As COP29 approaches, global policymakers have an opportunity to shape a more inclusive financial landscape that prioritizes the communities most impacted by climate change”, she said .

Also, The Minister of Environment Balarabe Abbas Lawal, said , “Inclusive climate finance is essential, especially for vulnerable communities at the forefront of climate impacts”.

 Lawal represented by Director of the Department of Climate Change, Iniobong Abiodun-Awe, stated the need for climate finance reforms that make funds accessible to developing countries by minimizing bureaucratic delays and barriers, private sector involvement is also crucial.

He also called for a supportive investment climate to drive sustainable development projects.

Meanwhile, the Executive Director of the Corporate

Accountability & Public Participation Africa (CAPPA) Akinbode Oluwafemi, said the Intergovernmental Panel on Climate Change (IPCC) estimated that global investment and

financial flows of $200-210 billion will be needed by 2030 to meet the global greenhouse gas emission target of below 1.5 degrees set in the Paris Agreement.

“It is estimated that the region will need an average of $250 billion per year in climate finance between 2020 and 2030 against the paltry sum of $30 billion it received in 2020, which is about 12% of the amount needed.

“Additionally, the private sector is also expected to help in the mobilization of $213.4 billion
annually with Multilateral Development Banks deploying more than $10 billion to bridge the financing gap. Though minimal compared to the quantum of devastations caused by climate
crises in the region including Nigeria, not up to 20% of the said funds have been raised.
Climate activists and rights movements across the world including the Demand for Climate Justice (DCJ), Climate Action Network (CAN), and Africa Make Big Polluters Pay (MBPP) have called for the declaration of a state of emergency on climate financing with an initial demand of $5 trillion in climate finance annually in the next five years as a down payment to the Global South as a matter of urgency and justice.

“Back home, though our National Climate Change Act 2021 made provisions for the Climate Change Fund to be sourced from sums appropriated by the National Assembly, subventions, grants and donations, compensations for meeting Nationally Determined Contributions, fines and charges from private and public entities for flouting mitigation and adaptation obligations, carbon tax and emissions trading, use, and administration remains unclear.”