NCF advocates biodiversity finance to mitigate climate change

The Nigerian Conservation Foundation (NCF) has stressed the need for biodiversity finance to mitigate climate change.

The Director-General of the foundation, Dr Joseph Onoja, said this in a statement made available to the News men on Thursday in Lagos.

He also called on developed nations to fulfil their commitments to fund adaptation and mitigation efforts in vulnerable regions.

Onoja who presented a paper titled “Nature-Based Solutions for Climate Resilience in Africa,” highlighted Nigeria’s biodiversity and the role of conservation in mitigating climate change.

He presented the paper at the 29th edition of the United Nations Framework Convention on Climate Change tagged the Baku Climate Change Conference (COP29).

Onoja emphasised the critical importance of preserving ecosystems such as forests, wetlands, and mangroves to enhance climate resilience and ensure sustainable livelihoods for communities.

He underscored the need for global support to implement nature-based solutions in Africa.

Onoja drew attention to successful initiatives by the NCF such as the restoration of degraded forests in Nigeria and the promotion of community-led conservation projects.

While recognising the disproportionate impact of climate change on developing nations, Onoja advocated equitable access to climate financing.

“I call on developed nations to fulfill their commitments to fund adaptation and mitigation efforts in vulnerable regions.

“The conference has reaffirmed the urgent need for collective action to combat climate change.

“Nature is at the heart of our solutions, and it is imperative that we work together to protect our planet for future generations.

“Nigeria has a pivotal role to play, and the NCF remains committed to leveraging the outcomes of COP29 to drive sustainable conservation and climate action in Nigeria and beyond,” he said.

He said the post Baku COP29 outlook looked bright for the world and for Africa.

“NCF acknowledges the progress made at COP29, particularly the agreement on the New Collective Quantified Goal to triple climate finance, reaching $300 billion annually by 2035.

“This aligns with Africa’s need for robust financial support to enhance adaptation and mitigation efforts, especially in vulnerable communities.

“The Loss and Damage Fund also provides much-needed resources for countries suffering from the irreversible impacts of climate change,” he said.

He added that African countries were, therefore, encouraged to craft climate plans for tapping into the secured $300 billion in carbon finance annually by 2035.

“They should leverage existing local endowments, renewable energy, natural resources and a young workforce to create pathways to climate-positive growth in Africa.

“It is important to note that there’s still a huge golf in funding for activities that harm nature, which is thirty times more, compared to those that preserve it.

“The promised funding of $300 billion is a meager 10 per cent of the yearly allocation for global energy infrastructure.

“We hope that the funding provision keeps increasing in the years to come,” he said.

He said that the NCF’s participation at COP29 aligned with its mission to promote sustainable development and biodiversity conservation in Nigeria.

“Through this global platform, the foundation continues to amplify its voice and strengthen its resolve to combat the climate crisis,” he said.

He said the 29th edition of the United Nations Framework Convention on Climate Change brought together world leaders, environmental experts, and stakeholders from nearly 200 countries.

“This was aimed to discuss and negotiate actions to address the global climate crisis and set new goals for climate finance, adaptation, and mitigation,” he said.