Climate Funding: AfDB unveils its guidelines for Nigeria, others

NIGERIA, Sept. 29 – The African Development Bank Group has made public country-by-country economic reports to guide Nigeria and other African policymakers to access the needed climate finance by the development Bank.

This was revealed in a statement by the development bank on Thursday. The reports were launched ahead of the 28th United Nations Conference on Climate Change.

Chief Economist and Vice President of the African Development Bank Group, Prof Kevin Urama, said the reports would help evoke “sound, practical and implementable policies” to enhance private sector financing for climate change and green growth.

“As countries prepare for COP28, the reports provide each African country with independent, verified analysis and recommendations for evidence-based negotiations during the global conversation on climate finance and green transitions,” Urama said.

According to the AFDB, the new Country Focus Reports provide analysis and policy recommendations to strengthen countries’ active participation at COP 28, which takes place in Dubai, United Arab Emirates between November and December 2023.

The theme of the reports is ‘Mobilising private sector finance for climate and green growth in Africa.’

For Nigeria, Africa’s biggest economy, the bank’s report advised that it should do more to fund the mining of minerals needed for the green transition, address gas flaring and find ways to fund solar mini-grids to improve rural access to electricity.

The reports contained several short, medium, and long-term policies to accelerate African countries’ economic growth and build resilience to shocks. They provide governments and potential investors with data needed to inform policy and investment decisions.

With climate change identified as one of the most pressing existential threats to Africa’s inclusive growth and sustainable development, this year’s country reports explore opportunities to leverage private sector resources and natural capital to close the climate finance gap. This, in turn, will support the transition to inclusive, strong, and sustainable green growth.

In the statement, the African Development Bank’s Acting Director of Country Economics, Ferdinand Bakoup, said the Country Focus Reports 2023 built on the African Economic Outlook 2023, which was launched in May, and the subsequent Regional Economic Outlooks launched in July.