In order to finance its climate change and energy transition objectives, the federal government has initiated initiatives to attract private funding.
In order to support this, the National Council on Climate Change and the Nigeria Sovereign Investment Authority on Monday in Abuja signed a Memorandum of Understanding to address climate risks.
Managing Director of the NSIA, Mr. Aminu Umar-Sadiq, commented on the agreement, stating that “actively building strategic partnerships with relevant organizations to support climate change actions and Nigeria’s energy transition ambitions of achieving net zero emissions by 2060” is a core pillar of the organization’s environmental, social, and governance strategy.
He continued by saying that the agreement with NCCC was one of the calculated actions made to fulfill the sustainability and social impact commitments of NSIA.
A carbon emissions trading system would be implemented in Nigeria, a national carbon registry would be maintained, and a climate change fund would be managed. These are just a few of the potential areas of collaboration that the MoU would enable the NSIA and the NCCC to further investigate.
The NSIA presented its impact report, outlining the progress made toward achieving its developmental and socioeconomic impact as of 2021, as part of the agreement signing event.
The NSIA MD went on to say, “NSIA’s maiden impact report highlights the Authority’s development agenda and impact over several years of operations as well as the Authority’s efforts to safeguard the environment and address relevant climate-related risks and opportunities in line with best practice.”
Dr. Salisu Dahiru, Director-General of the National Council on Climate Change, stated in his remarks that the cooperation was an audacious statement to the international community that the nation was serious about its climate responsibilities.
“By dedicating funds from its sovereign wealth fund to support climate action and an inclusive green economic growth, Nigeria is investing in its future, particularly in a vastly decarbonizing world,” he said.
This collaboration between two of Nigeria’s leading institutions is anticipated to spur private investment and hasten Nigeria’s ambitious national development and climate change agenda.
