By Abbas Nazil
The Corporate Accountability and Public Participation Africa (CAPPA) has described Nigeria’s plan to mobilise $3 billion annually in climate finance as insufficient to address the country’s climate challenges.
Mr Olamide Ogunlade, CAPPA’s Associate Director for Climate and Environment, made the statement during an interaction with the News men in Port Harcourt on Tuesday.
Nigeria aims to raise the fund through its National Carbon Market Framework and Climate Change Fund, a plan disclosed by Vice President Kashim Shettima at the ongoing COP30) in Brazil.
Ogunlade noted that $3 billion per year is too small considering the scale of Nigeria’s climate vulnerabilities and the extensive interventions required to mitigate them.
He emphasized that once mobilized, the fund should be directed towards renewable energy projects, reforestation efforts, flood control measures, and the promotion of climate-smart agricultural practices.
“There is need for transparency and accountability, the fund should be used transparently and inclusively, with oversight from government, civil society, and affected frontline communities,” he said.
The CAPPA official expressed doubts about Nigeria’s target to cut emissions by 32 percent by 2035, citing inconsistencies in policy and excessive reliance on fossil fuels.
He argued that Nigeria must prioritize renewable energy, reduce dependence on fossil fuels, and leverage its political influence to secure fair climate financing and access to green technologies at COP30.
Ogunlade also urged developed nations to honor historical liabilities, fulfill their financial and technological commitments, and support Nigeria’s climate and development goals without hindering economic growth.
He said Nigeria’s active participation in COP30 should ensure the country’s stance on environmental preservation is adequately recognized and supported on the global stage.
The remarks underscore ongoing debates about the adequacy of climate financing for developing countries facing severe environmental challenges.