According to a statement released by the African Development Bank Group on Thursday, the organization has released country-specific economic reports to assist Nigerian policymakers and others in Africa in accessing climate finance.
These reports were launched in preparation for the 28th United Nations Conference on Climate Change.
Prof Kevin Urama, the Chief Economist and Vice President of the African Development Bank Group, stated that these reports aim to facilitate the development of effective policies that promote private sector funding for climate change initiatives and sustainable growth.
“As countries prepare for COP28, the reports provide each African country with independent, verified analysis and recommendations for evidence-based negotiations during the global conversation on climate finance and green transitions,” Urama said.
The AFDB has released new Country Focus Reports that aim to provide analysis and policy recommendations for countries participating in COP 28 in Dubai, United Arab Emirates between November and December 2023.
These reports have a specific theme of ‘Mobilising private sector finance for climate and green growth in Africa.’
For Nigeria, which is Africa’s largest economy, the AFDB report suggests that the country should increase funding for the mining of minerals necessary for the green transition. It also highlights the importance of addressing gas flaring and finding ways to finance solar mini-grids to improve access to electricity in rural areas.