Since ratification of the Paris Agreement in March 2017, Nigeria has prepared five sectoral action plans to guide implementation of its NDC and launched a domestic green bond to mobilize green finance for NDC aligned projects. Nigeria participates in the Climate Finance Accelerator to attract blended finance to NDC aligned projects esp. in climate-smart agriculture and renewable energy. An international advisory group has been created to mobilize finance and investment and the project pipeline is being developed further by the CFA to fully realize the NDC potential.
In parallel, work is underway towards updating the NDC in 2019. The Nigeria INDC was developed using a LEAP model. The electricity sector is one central component: energy access is low and meeting demand is essential for inclusive sustainable growth of the economy. Attracting climate finance and investment in the sector is a priority for the government, from blended finance solutions to private sector finance. We will present work on new electricity sector scenarios, with a high degree of stakeholder engagement and taking into account the real-world cost of different clean technologies.
This side event will take place on 13 December 2018 from 13.15 to 14.45 in the Bieszczady Room, Zone G. Further information can be found under the links below.