Amid the growing urgency of climate action, key stakeholders from across Nigeria convened to chart a sustainable path for climate financing, underscoring Africa’s vulnerability to climate change despite its minimal greenhouse gas emissions.

This was at the Executive Roundtable on Climate Finance, themed Green Finance is the Bridge between Ambition and Impact, organised by the Development Bank of Nigeria (DBN), held in Lagos.

Director General, National Council on Climate Change (NCCC), Dr Nkiruka Maduekwe, highlighted the need for Africa to take climate issues seriously.

She explained that while Africa is the lowest emitter of gas emissions, the continent is highly vulnerable to the impact of climate change due to several factors, like geographical location and low adaptive capacity.

She emphasised that Africa must use its growing population as an advantage to leverage renewable energy and start manufacturing products for the emerging market ecosystem.

Maduekwe said such discussions were important as the Green Climate Fund (GCF) is on a mission to help Nigeria start thinking about its country-specific projects, and the nation is one of the most underserved in regard to green climate projects.

“As much as we have multi-country projects, we discovered that a lot of the money does not come to the country, so it is important we start having country-specific projects. So the discussions highlighted the green opportunities the private sector can leverage on, how to close the gap between public financing and enable Nigeria to meet her mitigation and adaptation needs,” she said.

Managing Director, DBN, Tony Okpanachi, emphasised the need to mobilise resources locally, adding that partnership with the private sector is vital as financial institutions have the network and balance sheet to mobilise funds locally.

He said that DBN is the first direct access entity accredited by GCF. Hence, there is a need to take action and identify how to catalyse climate funding and mobilise local and international resources within the country.

According to him, DBN’s investments have contributed to a reduction of more than 60,000 metric tons of CO2 emissions, with projections exceeding 410,000 metric tons shortly.

Executive Director and Chief Financial Officer, DBN, Ijeoma Ozulumba, highlighted the need for sectoral collaborations as the public sector and international funding cannot produce all the development needed in the green financing sector.

The event was attended by regulators, financial institutions, climate agencies, and other stakeholders.