Some Nigerian environmental experts and advocates have launched an initiative known as ECO2RUPPERS Nigeria to mobilise $60 billion in climate financing annually.
They planned to realise the target through domestic resource mobilisation.
In a statement released in Abuja by the lead finance and circular economic expert in the initiative, Victor Wilkinson Agih said the fund would be used to deliver meaningful environmental and social benefits to Nigerians, warning that the country is considered highly susceptible to the effects of climate change.
Agih in a statement said Africa stands at a critical crossroads, facing the climate crisis despite emitting the lowest levels of greenhouse gas emissions globally. Extreme weather events, rising sea levels, and prolonged droughts have wreaked havoc on communities and ecosystems, threatening livelihoods and exacerbating food insecurity.
He said, “Today marks the dawn of a new era in Nigeria’s journey towards sustainability with the launch of the ECO2RUPPERS Nigeria initiative. Designed to tackle the pressing challenges posed by climate change while driving economic gains and empowerment, ECO2RUPPERS Nigeria is set to redefine the landscape of sustainable development in the country.
“Nigeria is host to one of the seven of the continent’s largest coastal cities – Lagos, which is projected to grow by 40 percent by 2030, which makes the challenges more worrisome,” he said.
Agih said, “Since many communities in the Niger Delta have lost or fear losing their homes due to coastal erosion, rising global temperatures are also predicted to endanger Nigerians due to an increasing frequency of heat waves.
“Estimates suggest that more than 20 percent of the population will be exposed to heatwaves that are detrimental to human health. And the number of ‘very hot days’ is set to increase by about 90 days in most regions of the country.”
He added that ECO2RUPPERS Nigeria would lead the charge towards a net-zero sustainability transition across the country.
Agih said the initiative aims to mobilise $60 billion in climate finance annually through innovative domestic resource mobilisation mechanisms by leveraging sustainable financing solutions through its sustainability action marketplace. He added that the initiative will channel investments into projects that promote ecosystem restoration and conservation, clean energy development, and sustainable agriculture, among other critical investment areas and to foster environmental resilience and economic productivity.
“Through its Green4ward Nigeria Global Goals Marshalls program, ECO2RUPPERS is set to create 6 million green jobs across the nation. By harnessing the direct and indirect employment creation benefits of climate finance, the initiative seeks to empower communities and drive inclusive economic development.
“ECO2RUPPERS Nigeria is committed to delivering tangible environmental and social benefits to communities across the country.
Advancing universal health coverage with 60 million healthcare wallets, incentivizing 60 million green volunteers, distributing 60 million clean cook stoves, and launching a nationwide plastic recycling program for 60 million tons of plastic, the initiative aims to improve livelihoods and foster sustainable lifestyles,” he added.
The launch of the ECO2RUPPERS project comes at a pivotal moment for Nigeria, as the country ramps up its efforts to address climate change and achieve its Nationally Determined Contributions (NDCs). With an estimated national funding gap of $20.5 billion annually, ECO2RUPPERS represents a bold and ambitious response to this challenge.
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