Nigeria’s NIRSAL, along with delegates from Mexico, Colombia and Vietnam attended the London Stock Exchange at the behest of leaders from international banks and the UK Government to launch a bold new climate change project which seeks to attract transformative financial investment in these countries.
NIRSAL’s Climate-Smart Agriculture (CSA) approaches, geared towards meeting Nigeria’s mitigation targets on Climate Change, are already gaining ground in Nigeria, but the major barrier to meeting these targets as set out in the Paris Agreement remains access to finance. This project seeks to change that. It will provide participating countries with a robust roadmap to making their sustainable development plans more attractive to investors.
The CFA pairs government representatives and private sector leaders from Nigeria and the other three visiting countries with financial experts from the city of London and development finance banks. Together they will work through a series of tasks over the course of a week to better understand how to fund large scale sustainable development and climate change adaptation projects.
On the panel, Ed Wells, Head of Global Markets Policy at HSBC, commented that he is confident that the finance at the scale required to meet the transformative low carbon ambitions will be forthcoming but the challenge is securing a pipeline of investable projects. The task for NIRSAL, therefore, is to develop more investable initiatives like CSA for Nigeria on the scale that will impact the environment.
The CFA is supported by the UK Government, a range of philanthropic foundations (Hewlett, CIFF, Climate Works), Climate and Development Knowledge Network and the Inter-American Development Bank. It has also garnered support and endorsement from the United Nations, World Bank and, the Moroccan Presidency – who chaired last years’ climate change conference, COP22.
Nigeria, Colombia, Mexico and Vietnam have a combined population greater than the US, UK and France combined. The CFA is, therefore, an important intervention to help speed up green investment and sustainable development in these emerging economies. For this reason, World Earth Day is every day at NIRSAL.