The House of Representatives, on Tuesday, tasked the Federal Government on the need to explore abounding employment and investment opportunities in the climate investment funds with a total value of green funds put at $23 billion for the 2024 fiscal year.
The resolution was passed sequel to the adoption of a motion on the ‘Need to promote sustainable practices and green projects in Government Ministries, Departments and Agencies (MDAs), sponsored by Hon Daniel Amos who reeled out the abounding opportunities in the sector.
In his lead debate, Amos underscored the need for relevant MDAs to promote sustainable and green projects, observed that the major environmental concerns in Nigeria include population, flood, desertification, soil erosion and loss of biodiversity affecting Nigeria’s ecosystems and communities.
“The House also notes that Nigerian stakeholders, including Ministries, Departments, and Agencies (MDAs), consumers, and organizations, play a crucial role in shaping sustainable practices as their actions directly impact the environment and future well-being of citizens.
“The House further notes that the sustainable practices and green projects Initiative focus on conservation, afforestation drives, renewable energy adoption, waste reduction, ecosystem restoration, and waste recycling programs tailored to the country’s local context.
“The House is aware that Nigeria is a signatory to the 2015 UN Climate Change Conference (COP21) Paris Agreement, which was ratified in 2017 and formulated its Nationally Determined Contributions (NDCs), announced its net-zero commitment by 2060 in 2021, following the enactment of the Climate Change Act.
“The House is also aware that carbon credits represent one metric ton of carbon dioxide (Co2) or greenhouse gas (GHG) emissions removed from the atmosphere; the global value of the voluntary carbon market was estimated at about $2 billion in 2022 and is widely expected to grow by a factor of at least 15 by 2030, as governments and companies seek to use offsets to help achieve net–zero emissions targets.
“The House is further aware that these credits motivate companies and organizations to engage in activities that benefit the climate by either reducing emissions or preventing them.
“The House is informed that the African Carbon Market Initiative predicts Nigeria could generate over $500 million annually by 2030, supporting over 3 million Nigerian jobs through this industry.
“The House is also informed that investments in sustainable green projects will create jobs, stimulate innovation, and contribute to Nigeria’s economic development, an estimate of resources pledged to major climate change advocacy organizations such as the Green Climate Fund, the Global Environment Facility, the Adaptation, and the Climate Investment Funds puts the total value of Green Funds at $23 billion for 2024.
“This excludes other sources of finance, such as bilateral and multilateral aid, private sector investment, and domestic resources.
“The House is cognizant that encouraging green practices is crucial for a sustainable future for Nigerians and fulfilling domestic and international climate obligations.
“The House is also cognizant that integrating green projects into government operations can contribute to global goals and reap economic and environmental benefits through commitment, coordination, and a long term vision,” he stated.
The lawmakers urged National Climate Council to enforce the requirement for all Ministries, Departments, Agencies and Companies to have a sustainability plan and effectively implement it.
To this end, the House mandated the joint Committees on Climate Change, Renewable Energy, Environment, and Ecological Fund to work with the Executive to educate citizens, companies, and MDAs to embrace sustainable practices in the design and execution of its projects and programs.
In the same vein, the House mandated the Committee on Appropriation to work with the Ministry of Budget and Planning to incentivize MDAs to adopt sustainable practices to ensure MDAs with sustainable practices and carbon credit potentials given additional funding above their budget envelopes with effect from 2025 budget estimates, with carbon credit potentials and programs established at conception and submitted to the Federal Executive Council (FEC); and create a separate budget envelope annually based on green funds secured from DFIs, development partners, and multilateral agencies and distributed to the aforementioned MDAs.
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