Nigeria Needs $142 Billion To Meet Climate Change- FG

By Unknown Wednesday, September 27, 2017

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The Nigeria Nationally Determined Contributions,NDC,ambitionunder Climate Change Accord will cost estimated $142 billion, to meet the 2030 target.

The Minister of State for Environment, Ibrahim Jibril, disclosed this at the UN while presenting Nigeria’s progress report on climate change goal under the Sustainable Development Goals.

The NDC is a binding agreement, which spelt out the actions a country intends to take to address climate change – both in terms of adaptation and mitigation – when it ratifies the Paris Agreement.

The minister said: “The delivery of our NDC will require a fundamental re-orientation of financial flows within the economy.

“It is estimated that Nigeria will require around $142 billion, translating to about $10 billion per annum to meet her NDC target by 2030,” he said.

He said Nigeria had recognised that climate change presented one of the greatest challenges of the world today.

“In the midst of this vulnerability, an opportunity resides for Nigerian economy to grow in a manner that is climate resilient and empowers people whilst meeting its energy deficiency.

“One of the innovative means of exploring this opportunity is through the issuance of green bonds, which has gained recognition as means of raising finance for climate friendly purposes.

“Accordingly, the Federal Government has advance plans to issue a program of N150 billion in green bonds over the next few myear"s.

“This is with a pilot issue of 12.384 billion in the third quarter of 2017 and the balance over the course of the budget year",he said.

This money is much more greater than the wealth of the world most richest man,Bill gates.Let Hope and see if this can be done by our federal Government.