By Awyetu Asabe Hope
The Lagos State Government has identified more than 300 potential climate projects valued at between $25bn and $50bn as part of efforts to attract local and international investment into its climate transition plans.
The Special Adviser to the Governor on Climate Change and Circular Economy, Titilayo Oshodi, disclosed this during a panel session at the ongoing 31st United Nations Climate Change Conference (COP31) in Antalya, Türkiye.
According to a statement issued by her media office on Wednesday, Oshodi spoke on Tuesday at a session titled, “Financing Africa’s Climate Transition: The Role of Cities, Business and Capital for Implementation”.
She said the major challenge facing African countries was translating climate ambitions into bankable projects capable of attracting public and private investment, creating jobs and driving economic growth.
Oshodi identified limited climate finance, inadequate project preparation, weak data and difficulties in demonstrating project viability as major obstacles to attracting investment at the subnational level.
She said Lagos had developed a State-Determined Contributions Framework to translate Nigeria’s national climate commitments into state-level priorities, targets and investment opportunities.
The special adviser also highlighted initiatives such as the Climate Finance Preparedness Clinic and DecarbonIQ, designed to strengthen financial-sector capacity and improve emissions measurement, reporting and verification.
She added that the Climate Defence and Catalytic Fund was established to address early-stage financing gaps and encourage private-sector participation.
According to her, the state’s climate project pipeline covers five priority areas: clean energy and clean cooking; blue economy, water and resilience; circular economy and industrial decarbonisation; infrastructure and urban transition; and innovation, food and green enterprise.
On financing, Oshodi said government should provide policy direction, infrastructure and catalytic funding, while private investors contribute capital, technical expertise and the capacity to scale projects.
She advocated blended finance, including guarantees, concessional funding and early-stage support, to reduce investment risks and attract private capital to projects with significant climate and development benefits.
Oshodi stressed the need for feasibility studies, clear revenue models and risk assessments to ensure projects become financially viable and attract investors.
She also urged domestic financial institutions and African businesses to play stronger roles in financing and delivering climate projects.
Looking ahead, she called for climate finance commitments to translate into actual investments within the next 12 months, alongside increased domestic funding and stronger support for project preparation and structuring.
The Lagos State delegation is expected to conclude its COP31 programme with the Lagos Climate Investment Day on November 13.
