Sanwo-Olu advocates sustainable climate finance for green growth in Nigeria

The Lagos State Governor, Babajide Sanwo-Olu, has urged the federal government to sustainably increase climate finances to effectively mitigate the lingering impacts of Climate Change in the country.

The governor, who was represented by the State’s Deputy governor, Obafemi Hamzat, made this remarks Thursday at the 10th Lagos International Climate Change Summit in Lagos.

According to a statement issued by the state’s director of public affairs at the Ministry of Environment and Water Resources, Kunle Adeshina, the governor emphasised that financial institutions and international organisations must work collaboratively to bridge the climate financing gap.

“We are committed to fostering a supportive environment for climate finance and local adaptation initiatives, ensuring that all efforts are aligned with the insights and expertise shared,” the governor was quoted as saying.

He added that it is high time the government ensures that resources are directed towards projects that yield tangible benefits for communities and ecosystems.

Climate finance

According to the United Nations Framework Convention on Climate Change (UNFCCC), climate finance refers to local, national or transnational financing drawn from public, private and alternative sources of financing that seeks to support mitigation and adaptation actions that will address climate change.

The Paris agreement, endorsed by 196 countries all over the world, calls for financial assistance from Parties (countries) with more financial resources to those that are less endowed and more vulnerable.

The agreement also recognised that the contribution of countries to climate change and their capacity to prevent it and cope with its consequences vary enormously.

Based on this, the UNFCCC said climate finance is needed for mitigation, because large-scale investments are required to significantly reduce emissions.

Similarly, the UN said climate finance is equally important for adaptation, as significant financial resources are needed to adapt to the adverse effects and reduce the impacts of a changing climate.

Meanwhile, the President of the 28th Conference of Parties, Sultan Al Jaber last year in Dubai announced that his presidency is committed to unlocking climate finance for vulnerable nations.

Mr Al Jaber described finance as the key success factor across the climate agenda and for too long, finance has not been available, accessible or affordable, hence his commitment.

“Let this be the year that climate finance meets the magnitude of the moment. Let this be the COP where we deliver on our promises from the $100 billion to the loss and damage,” he urged.

Inclusive climate action

In his statement on Thursday as delivered, the Lagos State governor applauded the resolve of participants at the summit to work hand in hand with all stakeholders to transform the discussions into concrete actions that will benefit communities and the environment.

He added that participants have also learnt that accelerating climate finance is not merely about mobilising funds but ensuring that these resources reach those who need them most.

“It is about creating financial instruments that are accessible, equitable, and effective,” the governor said.

Mr Sanwo-Olu emphasised that experts have highlighted innovative financing mechanisms, from green bonds to climate insurance, and the importance of leveraging both public and private sector investments.

He stressed that the discussions have underscored the necessity of a systematic shift in how everyone perceives and deploy financial resources for climate action.

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According to the statement, the Lagos State government said it would continue to prioritise capacity building and knowledge sharing by empowering local communities with the skills, tools, and knowledge they need to develop and implement adaptation strategies.

The governor said his administration is determined to continually strengthen policy frameworks and regulatory environments to support climate action, and remains steadfast in its commitment to inclusivity and equity.

He said climate action must be inclusive, ensuring that the marginalised and vulnerable groups are not left behind.