Nigeria Targets $3 Billion in Climate Funding Annually

Nigeria is targeting $3 billion in annual climate funding over the next decade through its clean cooking initiative, as part of its climate strategy. The country faces challenges, with 80% of households relying on biomass fuels like firewood and charcoal.

The initiative aims to strengthen Nigeria's carbon market framework, ensuring proper accounting of carbon credits in line with the Paris Agreement, particularly Article 6 provisions governing international carbon trade. Adebayo Lawrence Thoma, Director of Press and Public Relations at the Federal Ministry of Industry, Trade and Investment, emphasized the need for a collective action investment model to bridge the financing gap for carbon projects.

The program will deploy subsidies for cleaner cooking technologies, making them accessible to low-income households and significantly reducing emissions. Olamid Fagbuji, Senior Special Assistant to the President on Climate Technology, noted that scaling clean cooking practices can deliver climate and health benefits.

The initiative is supported by the National Council on Climate Change, which will oversee the issuance of carbon project authorizations.