Nigeria Tasks IMF, World Bank to increase funding climate actions

Tinubu Bola President on Friday urged the World Bank, International Monetary Funds (IMF), and African Development Bank (AFDB) to increase funding of climate action.

Tinubu, represented by Vice President Kashim Shettima, made a call at the Climate Summit during the 80th session of the UN General Assembly (Unga), in New York, United States.

He stressed that the climate emergency demanded not only words, but brave and sustainable leadership.

Tinubu said Nigeria mobilized $ 20 to $ 25 billion in climate finance in 2030, including green bonds, mixed finances, and mechanisms for sharing public-private risks.

Nigerian leader, therefore, challenges global partners to improve the financial concession, share knowledge, and technology transfer, to accelerate not only Nigerian transitions, but African contributions to a safer and more sustainable world.

He said: “We aim to open at least $ 7 – $ 10 billion in grants and financial concessions from Global Partners, while promoting technology transfer, regional energy integration, and green entrepreneurship to encourage inclusive growth.

“For Nigeria, a country that is very vulnerable to climate impacts, climate action is not an option; that is an existential need.

“To mobilize resources, we have carried out significant domestic reforms. We have simplified and modernized our tax laws to ease compliance, eliminate unproductive fuel subsidies, reduce household and business burdens, and increase income efficiency.

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“At the same time, we strengthen our business environment through laws and policies that increase the ease of doing business. This is to attract private capital and expand opportunities for investment in clean energy and sustainable infrastructure.”

Tinubu said in March, Nigeria launched the Nigerian carbon market activation policy, which established a strong framework for reducing high -integrity emissions.

He added: “When positioning Nigeria as a credible center for Article 6, the voluntary carbon market and compliance. Through this mechanism, our target is to mobilize up to $ 2.5 billion in 2030 in high quality loans and related investments.

“We do not have illusions: there are no countries that can overcome the climate crisis alone. Like other developing countries, Nigeria needs significant support to implement mitigation and effective adaptation strategies.

“Therefore, we call for international financial institutions, especially the World Bank, IMF, and African Development Bank, to increase financing for climate actions.

“Likewise, developed countries must respect their climate financial commitments, including $ 100 billion per year promised based on the Paris agreement.”