The Climate Change Act and unlocking climate finance (1), By Okereke & Ugochuku

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To truly unlock climate finance, Nigeria must build serious institutional capacity an international standard of accountability.

A crucial section is Section 15, Part IV, which establishes a “Climate Fund” that will be administered by the Council. Some of the sources of funding envisaged include appropriation, subventions, grants, donations, fees, and fines from private and public entities. The Act also gives the Council the mandate to seek other sources of funding from time to time, as it may deem necessary.

We outline the various options available for Nigeria to upscale public, private and international climate finance through the instruments and provisions made available in the Climate Change Act .Several sections of the CCA make it a veritable platform to catalyse and mobilise financial resources to fund the green transition in Nigeria.

The most valid way to enhance finance through appropriation would be through the means of green budgeting.

 

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