Sub-Saharan Africa, being amongst the largest group of developing nations, face many challenges, but none as existential as the direct and in-direct impacts of climate change. The World Economic Forum, amongst others are consistently repeating the same narrative of the need to “Act Now” around investment and planning and to appreciate that we are past the point of climate mitigation and are entering a new world of climate adaption.
As such, using Nigeria as a model, with its historic focus upon the exploitation of hydrocarbons to the benefit of its economy, it is now beginning to re-think its position and actively seeking options to make the necessary fiscal adjustments.
The recent Green Tagging of projects within the selected review of participating domestic banks, demonstrated very vividly the actual and potential vulnerabilities of the Nigerian economy and how exposed the Financial Sector is in general climate related impacts of which there are many within developing nations.
However, by embracing international best practice and integrating the recommended strategies and methodologies into the planning phase of transition Nigeria can still achieve its desired ambitions, enshrined in its Nationally Determined Contributions, which were agreed to be implemented since the 2015 Paris Accord, of a low carbon economy by 2060. These undertaking of risk assessment around financial sector impacts clearly provide an unambiguous road map of desired investment options to achieve these aims.
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Thu, Feb 17, 2022, 9:00 AM - 10:30 AM (your local time)
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