The 6th Session of the Development Dialogue on Climate Change and the 3rd in 2016 organized by the Carbon Exchange Trade
and Africa Roundtable on Climate Change held and was hosted at the Federal University of Technology Akure (FUTA), South
West Nigeria on May 5, 2016. It was organized by FUTA and the Carbon Exchange Trade in Collaboration with SMEFUNDS, New
Nigeria Foundation and Noaz International. This was part of the effort to scale the UNFCCC’s Climate Action Forum
requirement for global intensification of knowledge and capacity advocacy on climate change. It is also a furthering of
the Agendum 13 of the Sustainable Development Goals action implementation.
The following are observations and conclusions that participants drew for public and private sector attention.
The Dialogue felt discouraged that Nigeria failed to initial the Paris Agreement on April 22, 2016 as other world governments did. It required the government to provide an explanations for this development, given the earlier popularity of the decision of the government to commit to initiatives including regulations and policies to enable it achieve major climate change mitigation results by 2030. The forum considered it a shocking embarrassment given the enormous support and enthusiasm among Nigerian activists generated by its 2030 target commitments and visibility at COP21.
1. The Dialogue discussed Climate Change issues ranging from Nigeria’s readiness in implementing their commitment and enabling the
scale-up of mitigation and adaptation projects in the economy especially through Renewable Energy, Carbon Emission pricing and
energy efficiency projects and policy while inducing Circular Economy initiatives.
2. It also noted that there is low capacity (knowledge) of the issues, leading to weak or non-existent design and implementation of mitigation/ adaptation policy and projects sector-wide. It considered it a major hindrance to Nigeria’s access to climate finance needed to upscale its projects across sectors.
3. It noted that benefits abound if the government could prioritize integrated Climate mitigation as well as adaptation measures into her sectoral development strategies while the current high costs in the economy could be managed through the adoption of efficient energy technologies to reduce cost of business.
4. It noted that the implementation of appropriate initiatives on the impact of climate change on agricultural intensification will achieve the twin objectives of agricultural productivity and emission reduction to create a trade-off optimization.
5. Research: Overall, Capacity building remains critical to developing a responsive policy and capability to execute appropriate low-carbon projects. The academic community was agreed to be key to scaling Nigeria’s mitigation and adaptation projects. The Forum therefore encouraged the academic community to increase their interest and involvement in research and project development capacity in areas of climate resilience and mitigation/ adaptation innovation.
6. It identified Circular Economy as a key knowledge area. The participants warned that several cases of GHG emissions come from poor waste products disposal. Consequently, this could be handled through circular economy models that ensure continuous and intensive recycling of wastes to enhance business performance and good climate governance.
7. Financial Sector Impact: The Dialogue observed that the financial sector around the world, including the insurance industry, has positioned to quickly respond to climate change impacts in the economies they operate, especially in the light of the Paris Agreement. It was observed that Nigerian Banking and insurance system is yet to create portfolios for climate change adaptation and mitigation finance and risk coverage. The global insurance industry seeks impact reducing measures, requiring businesses and policy actors to quickly adapt to new ways of doing business, starting with getting and raising their knowledge and awareness levels.
8. Food Security: The Dialogue noted that Sustainable food security is a key objective in climate change mitigation and adaptation. To this extent Nigeria’s agriculture and food security policy implementation should reflect this objective, in the light of disaster risks mitigation and related poverty exacerbation. It counseled stakeholders to escalate Climate Smart Agriculture innovation schemes through the extension system.
9. Sustainable Cities and Livelihoods. It was observed that Nigerian cities, towns and villages need to implement strategies and measures that could enhance their resilience for sustainable existence in the face of climate vulnerabilities. This is particularly given the vulnerability of the coastal cities around the world to flooding just as cities and towns in arid regions are prone to desertification and drought leading to continually reducing agricultural productivity.
10. Private Sector Resilience. In the light of all of the above, the Private Sector expects local policy and regulation frameworks that encourage investments into renewable energy and energy efficiency markets development. It is expected that the Nigerian private sector would wake up quickly in this direction to participate and take advantage of the opportunities presented.
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