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Summit: Participants urge Lagos to establish climate innovation fund

Participants at the just concluded 10th Lagos International Climate Change Summit have advocated the establishment of a climate innovation fund to support climate resilience projects in the state.

10th Lagos International Climate Change Summit
State officials at the closing of the 10th Lagos International Climate Change Summit

This is contained in a communique issued by the Director, Public Affairs, Lagos State Ministry of the Environment and Water Resources, Mr Kunle Adeshina, on Sunday, June 16, 2024, in Lagos.

Several key recommendations were made in the communique that will engender a smart and resilient Lagos.

The communique urged the government to provide funding for infrastructure to protect urban areas from climate hazards like floods, storms, and heatwaves.

It also called for the development of mechanisms to access and scale up climate finance through bankable adaptation projects with institutions such as the African Development Bank for concessional and blended financing, and risk mitigation to attract private capital.

In the area of blended financing, the communique called for the utilisation of both private capital investment and public or philanthropic funding.

It called for the completion of the ‘Adiyan Water Works’ to enhance potable water supply as an adaptation measure.

The communique called for the continued support and funding for the Bus Rapid Transit System and multi-modal transport strategy of the state.

The participants made a strong business case for adaptation, expanding investment instruments, and using carbon markets for climate financing.

The communique underscored the importance of creating an enabling environment to unlock domestic private capital and incentivizing private sector innovation.

It also stressed the need for a sustained tempo in the promotion of circular economy practices in the state to reduce greenhouse gas emissions and efficient use of resources.

The communique called for the integration of the health sector into the State Climate Action Plan to ensure environmental sustainability and public health protection.

The communique called for the provision of a comprehensive, accessible, community-based healthcare services, especially for vulnerable groups.

The summit with the theme: “Accelerating Climate Finance and Championing Local Adaptation Initiatives,” was held at the Lagos Continental Hotel, Victoria Island, from June 11 to 13.

By Fabian Ekeruche

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