President Bola Ahmed Tinubu emphasized the urgent need for increased climate finance to Africa, stating that current annual cash flows represent only eleven percent of the required funding.
He urged world leaders to invest more in the African continent, highlighting its vulnerability to climate change impacts despite being a lesser contributor to global emissions.
Tinubu made these remarks during the inaugural Africa Climate Summit held in Nairobi on Tuesday, where he emphasized that meeting the unconditional targets of the Nationally Determined Contributions (NDCs) requires annual investments of $17.7 billion.
Notably, in 2019/2020, Sub-Saharan Africa received less than $20 billion for climate finance investments.
The president, represented by Dr. Ishaq Adekunle Salako, Minister of State for Environment, commended the Africa Union for organizing the summit.
He stated, “This event, along with our recent advocacy on climate change, demonstrates Africa’s commitment to delivering a sustainable economic future for our people.”
Tinubu continued, “The African Climate Summit is an opportunity to spotlight our priorities, solutions, and needs regarding climate action to the global community. We believe that with robust planning and increased investments, Africa can become a significant solution center, given its renewable energy resources, critical minerals, vast carbon sinks, and growing population.”
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He highlighted Nigeria’s commitment to advancing climate action without compromising economic development, with an ambitious Energy Transition Plan aiming for universal energy access by 2030 and net-zero emissions by 2060.
Tinubu noted that this plan requires substantial funding, estimating $1.9 trillion in spending up to 2060.
He emphasized the need for international financing to bridge the gap between current funding levels and these ambitious targets.
Tinubu also mentioned Nigeria’s interest in Just Energy Transition Partnerships (JET-Ps) as a source of capital for climate-sensitive energy projects.
Nigeria is actively working on a proposal to the G7 for a JET-P and is encouraged by the successes of South Africa and Senegal in securing JET-Ps.
He emphasized the importance of scaling up such partnerships across Africa and exploring other strategic financing opportunities.
Tinubu underscored the significance of the Africa Climate Summit in facilitating collaborative efforts among countries to address climate change.
He assured fellow leaders of Nigeria’s unwavering support in communicating Africa’s stance on climate action and working toward an equitable, sustainable future for all.
