A climate change expert, Mr Emmanuel Emechete, has urged the Federal Government to strengthen the capacity of institutions responsible for climate finance.
Emechete disclosed this in a telephone interview on Sunday.
He said there were many things Nigeria could do to leverage large-scale climate financing instruments and drive the green industrial agenda.
“The government should develop a clear policy framework. There is a need to create a favourable environment for green investments.
“This includes updating regulatory frameworks to support renewable energy projects, especially from the SMEs and small businesses.
“Also, waste management initiatives including the private sector and sustainable agriculture should be included.
To strengthen the capacity of institutions responsible for climate finance and sustainable development, the training of personnel should be included.
“This includes improving governance structures, and ensuring transparency and accountability in the management of funds.
“Another important factor is fostering public and private partnerships,” he said.
He stressed the need for partnership between the government and the private sector to achieve the goal.
Emechete called for access to international donors, climate funds and grants.
“Actively seek funding from international climate finance mechanisms such as the Green Climate Fund, and other multilateral and bilateral sources.
“Nigeria should prepare and submit robust project proposals that align with the priorities of these funds,” he said.
He urged the government to encourage private and non-governmental organisations to fund sustainable industries by creating incentives for investors such as offering tax breaks, subsidies, or guarantees.
“Implement carbon pricing, mechanisms, and enhance climate resilience in local communities.
“Allocate funds to projects that build climate resilience, especially in vulnerable communities and communities that have been affected by loss and damage.
“There has been a new loss and damage funding for developing countries, it would be great to access this funds and the funds focus on affected communities not just to the centre government or capital cities,” he said.
He further said that the government needed to strengthen data collection and monitoring.
“We need to make data driven steps going forward that’s the best way to ensure that we are actually developing as a nation in whatever we do so this whole process must follow the same.
“This would help us have transparency and helps in assessing the effectiveness of funded projects,” he said.
NAN
