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He added that it is high time the government ensures that resources are directed towards projects that yield tangible benefits for communities and ecosystems., climate finance refers to local, national or transnational financing drawn from public, private and alternative sources of financing that seeks to support mitigation and adaptation actions that will address climate change.
Based on this, the UNFCCC said climate finance is needed for mitigation, because large-scale investments are required to significantly reduce emissions. He added that participants have also learnt that accelerating climate finance is not merely about mobilising funds but ensuring that these resources reach those who need them most.
He stressed that the discussions have underscored the necessity of a systematic shift in how everyone perceives and deploy financial resources for climate action.According to the statement, the Lagos State government said it would continue to prioritise capacity building and knowledge sharing by empowering local communities with the skills, tools, and knowledge they need to develop and implement adaptation strategies.