COP27: Nigeria pushes for $400 billion funding for ETP

The News Agency of Nigeria (NAN) reports that implementable negotiations continues on Tuesday at Sharm El Sheikh, Egypt, venue of the global conference on climate change otherwise known as COP27.

Abdullahi, who led the Nigeria delegation to the climate change conference, said that the country expected very positive affirmative commitment when it came to funding to mitigate the challenge arising from climate change effect.

“We expect very positive affirmative commitment from partners and developed countries. We intend to push that in our discourse and engagement virtually with every party and our partners.

“It depends on which sector we are talking about. If it is ETP, we are looking at $400 billion. If it is loss and damage, we are looking much more than that because it affects the entire developing countries.

“So, it depends on the specifics. Funding naturally will focus on specific thematic areas,” said the Minister.

The leader of the delegation, however, noted that Nigeria would not just abandon oil and gas under the global energy transition demand.

“We are not abandoning oil and gas; that is why we have the energy transition plan. The energy transition plan envisages first and foremost that fossil fuels, Nigerian gas will be transition energy between now and 2035.

“In other word, in between this period that we are relying on our oil and gas industry, we are also developing pari-passu, an independent energy transition that is aimed at reaching renewable; and majorly also, providing infrastructure for mini solar grids.

“So what we are doing essentially is not just that we are abandoning our oil and gas, but we have to have a plan that considers all garments of energy available to the country.”

On compensation for loss and damage arising from the climate change impact, Abdullahi explained that it was an agenda of the developing countries and not Nigeria alone.

“We are looking at loss and damage as a developing countries agenda and not Nigeria alone. What is happening in most part of developing countries is an outcome of industrialisation, and the use negatively of the industrial priorities at the detriment of African country as well as the developing.

“So we are saying loss and damage, they should bear the quantum of this damage we are going through. They should bear the financial burden so that they can mitigate what we are going through.

“So we are looking at between $500 billion to $1 trillion to support developing countries to face the challenges of loss and damage.

“So this recent flooding you see in Nigeria and other parts of the continent is as a result of the activities that are not related to any African countries,” he said.