The federal government is targeting about $25 billion in climate finance by 2030 as part of its economy-wide climate governance.
Addressing a press conference at the weekend, Director-General of the National Council on Climate Change (NCCC), Omotenioye Majekodunmi, while revealing the target, said that Nigeria’s Carbon Market Framework has been finalized and will be submitted to Federal Executive Council (FEC) for approval.
Majekodunmi said the recently submitted Nationally Determined Contribution (NDC3.0) is different from the previous ones in many ways as it departs from the “business-as-usual” approach to an absolute economy-wide emission reduction, representing our highest ambition level to date, noting that the targets are better defined and will be supported by an investment plan to accelerate implementation.
She said Nigeria has set a 32.2% increase in emission reduction compared to the 2018 baseline and significantly increases mitigation and adaptation ambitions with clearer targets compared to NDC2.0.
She explained that the NDC3.0 aims to lower the deforestation rate by 60%, which offers substantial mitigation potential of 304.8 MtCO2eq.
