In a significant move to accelerate its green transition, Nigeria’s Federal Government has committed to fully operationalising the Climate Change Fund (CCF), a vital financial instrument aimed at promoting sustainability and boosting climate resilience across the nation. This announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a high-level meeting in Abuja with Nkiruka Madueke, the Director-General of the Nigeria Climate Change Council (NCCC).
The primary objective of the meeting was to align climate finance with the country’s broader economic and developmental goals. Edun emphasized the importance of unlocking and effectively deploying the underutilised Climate Change Fund to support various climate action initiatives. These initiatives are crucial in helping Nigeria meet its net-zero emissions target while also ensuring the country’s third-generation Nationally Determined Contributions (NDCs) are successfully implemented.
Madueke underlined the urgency of activating the CCF to meet the mandates outlined in the Climate Change Act. The fund will be directed towards financing projects that address both mitigation and adaptation to climate change, in addition to supporting regulatory measures. She also stressed the need for efficient fund disbursement processes to meet these goals.
Key financial institutions, including the Nigeria Sovereign Investment Authority, Bank of Industry, and the Development Bank of Nigeria, have expressed interest in managing the fund. These institutions are seen as potential partners in driving investments focused on climate-related projects, ensuring that Nigeria makes significant strides in its green investment journey.
Source: punch