NACCIMA Seeks Speedy Implementation of UN’s 2021 Climate Change Report

Gilbert Ekugbe

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has called on the federal government, stakeholders and the private sector to implement the recommendations of the United Nation’s (UN’s) Intergovernmental Panel on Climate Change (IPCC) report.

The National President of the NACCIMA, Mr. John C. Udeagbala, in a statement said the climate change report that was described as ‘cold red’ for humanity by the UN Secretary General deserved close attention against the background that climate change is affecting practically every region of the world and will intensify in years to come.

Udeagbala said that instances of floods in Nigeria, which has affected farmlands and agricultural activities were irrefutable evidence of the negative impact of climate change on planet earth that has been affecting every inhabited region of the world.

“Of equal significance to NACCIMA as a business management organization are the implications on business operations, industry and the economy,” he added.

He drew attention on the need for a sustainable development pattern of the country on the National policy on climate change take note of the recommended policy action as contained in the 2021 climate change report.

The president of NACCIMA recommended that whatever strategic and sectoral policy action that would be taken should factor in the needs of the Small and Medium Enterprises (SMEs), in order to encourage them to mainstream sustainable development and climate supportive action in their operation as part of the concerted effort by all to reduce carbon emission.

He announced that NACCIMA, against the background of the environmental sustainability session in its medium term strategic plan (MTSP) will take a close quick look at the latest climate change report and encourage chambers and businesses across the country to be guided by the recommendations in the report.

The African Development Bank (AfDB), in July recommended that development financial institutions and other investors should focus on high-impact, high-growth potential start-ups that could drive climate-related innovation.

The multilateral agency added that government and development institutions must engage the private sector in efforts to develop the green economy and meet Africa’s commitments under the NDCs of the Paris Agreement of climate change.

According to the study, climate action offers profitable opportunities for the private sector but will also help protect those investments from climate impacts, recommending that governments should be encouraged to see the private sector as a critical partner for climate action and create the enabling policy and regulatory environments that enable private sector innovation.

“The bank has pledged to mobilise $25 billion towards climate action on the continent by 2025. The NDCs developed by African countries as part of the Paris agreement will require an estimated $3 trillion of investment by 2030, of which at least 75 per cent is expected to come from the private sector, which has a crucial role to play,” the Bank’s acting director of climate change and green growth, Al Hamndou Dorsouma,” said.

The study identified opportunities and entry points for private sector participation in NDC implementation in Africa with a focus on five pilot countries, for which studies were also produced. These are Egypt, Morocco, Mozambique, Nigeria and South Africa.

Under the initiative, the bank has trained the SMEs and financial institutions from six countries on strategies to identify climate risks and opportunities in their businesses and estimate the impact of their business activities on greenhouse gas emissions.