African Development Bank Group
Climate idea
Climate idea
johnte ndeto
65 w
The AfDB says Nigeria requires strong private sector investments to meet its climate change
In its “Nigeria Country Focus Report (CFR) 2023″, AfDB said the mobilisation of private sector climate finance is critical in meeting the 2030 nationally determined contribution (NDC) targets of the country.
The bank said Nigeria needs an annual investment of $20.5 billion in renewable energy, sustainable transport and waste management.
The organisation noted that the strength of the private sector to finance climate change initiatives in the country lies in its ability to harness the interest of investors, investment funds and credit institutions.According to the report, public sector in Nigeria is lacking the resources needed to address the country’s climate crisis, as well as its transition to a more sustainable and resilient growth pathway.
“Nigeria’s climate financing needs over 2020 to 2030 was estimated at $247.3 billion – annual average of about $22.5 billion,” the report reads.
“Of this amount, mitigation activities constitute the largest proportion (71.5 percent) of the financing needs, estimated at $177 billion.
https://www.thecable.ng/afdb-nigeria-needs-20-5bn-annual-private-sector-investment-in-climate-change/amp?nonamp=1
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64 w
The private sector's ability to attract investors, investment funds, and credit institutions is key to financing climate projects in Nigeria.
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65 w
This is a welcome call from the AFDB
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This is an important call
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With supportive financial structures in place, the private sector can scale up investment in climate change.
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65 w
The AfDB's emphasis on strong private sector investments for Nigeria's climate change efforts is important. Mobilizing private sector climate finance will help the country meet its targets and address the urgent need for investment in renewable energy, sustainable transport, and waste management. This is a positive step towards achieving a more sustainable future for Nigeria.
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65 w
This report emphasizes the importance of collaborative efforts between government and the private sector to address climate change effectively.
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It is important that governments adopt a comprehensive approach to private sector engagement on climate change to promote sustainable green growth.
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Both the private sector and the public need to work together towards climate change
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Nice idea for the night Nigeria development
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65 w
Both the private and the public sector needs to work together towards the journey of transition irregardless of the contribution to make sure there is smooth transition.
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65 w
The AfDB's call for strong private sector investments in Nigeria to address climate change is crucial.