Poised to help mobilise finance for energy sector growth in Nigeria, PUTTRU Technologies Limited said it seeks an increase in climate financing for the country to support sustainable actions.
PUTTRU founder, Mrs. Monica Madueke, told newsmen at a webinar that there is need for enhanced climate finance investment to remain relevant in the global climate change discussions.
“There is the whole conversation that developed countries can provide some funding to support developing countries to transition, and this is where PUTTRU comes in. Our concern is facilitating funds for Africa, Nigeria specifically. We need funds. Government’s fund is not enough to do everything. In fact, in the study we did last year, we saw that government fund is very minimal compared to the population growth. So government fund cannot do everything.
“Debt borrowing from developed countries is not the best because the more borrowing, the more issues we go into. So the question now is, how can Nigeria position herself to receive the most of climate finance that is available? We have a number of countries like South Africa, Egypt and Kenya competing for those same funds. Nigeria needs to do more,’ she said.
She said the New Quantitative Collective Goal (NQCG) is expected to replace the Paris agreement goal of $100 billion per annum of climate finance flowing from developed to developing countries.
“ There is need to define Climate Finance to avoid double accounting. NQCG must be based on data and determined by the climate goal, that is if the world wants to reach 1.5 degrees Celsius vs 3 degrees Celsius by 2050. The finance goal cannot be a political number like the $100 billion per annum. Sources should be grant and not debt based. Developing countries need trillions of dollars, and financial support under the NQCG must be more easily available for developing countries,” she said.