President Bola Tinubu has approved the adoption of the National Carbon Market Framework, the operationalisation of the Climate Change Fund, and the restoration of the National Council on Climate Change (NCCC) to the budget line.

The approvals followed a presentation by the director-general of NCCC, Omotenioye Majekodunmi, at the second meeting of the council at the Presidential Villa, Abuja.

Mr Tinubu, represented by Vice President Kashim Shettima, said the approvals would enable the country to be more active in the climate change ecosystem.

He explained that the goal was to establish and manage Nigeria’s participation in carbon markets, enabling the nation to unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade to help meet climate goals.

The Nigerian leader also set the agenda for Nigeria ahead of the forthcoming 30th United Nations Climate Change Conference (COP 30) scheduled for Belem, Brazil.

He said the focus was on harnessing all the opportunities for financing climate-resilient projects and related interventions, particularly from the global carbon market.

Mr Tinubu said his administration recognises the fact that addressing climate change is not just an environmental imperative but an opportunity to unlock new investments, jobs, and innovations across the nation’s energy, agriculture, and industrial sectors.

He said, ”Nigeria stands ready to take its rightful place as a global leader in climate action, ensuring that our voice and our reality are heard and respected in international negotiations.

”We have demonstrated this commitment through our active participation in the UNFCCC process.

”Our progress towards implementing our nationally determined contributions and our efforts to mobilise climate finance for adaptation and mitigation across all levels of government.”

The president assured that, as the chairman of the council, climate action would continue to be prioritised in his administration’s development agenda.

Earlier, Ms Majekodunmi informed the council, chaired by the vice president, that the meeting was timely, ahead of the 2025 United Nations Climate Change Conference (COP 30), scheduled to be held in Brazil.

She said the deliberations and decisions of the council would shape how Nigeria is perceived globally and determine how effectively the country can mobilise support to achieve its climate goals.

Presenting the council’s progress report, Ms Majekodunmi disclosed that Nigeria is now eligible to access new rounds of climate finance from multilateral funds.

Highlighting the secretariat’s key requests, she said the council sought the adoption of the National Carbon Market Framework to enable Nigeria unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade.

The council also requested the operationalisation of the Climate Change Fund to ensure immediate readiness for fund mobilisation and utilisation.

The final request was for the council to restore the NCCC budget line within the annual FAAC allocation to guarantee the financial stability of the Climate Change Fund.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, backed the council secretariat’s recommendations, noting that Nigeria must secure a strong position within the carbon framework.

(NAN)