Unlocking $24trn in zero-carbon
Country yet to move up from REDD document Cross River enters REDD investment phase with $400,000 GCF-TF
NIGERIA CAN EFFECTIVELY join other governments across the world to reap big by investing in low-carbon measures in cities projected to be worth almost $24 trillion by 2050, said a new report by Coalition for Urban Transitions (CUT).
Low-carbon measures in cities...
NIGERIA CAN EFFECTIVELY join other governments across the world to reap big by investing in low-carbon measures in cities projected to be worth almost $24 trillion by 2050, said a new report by Coalition for Urban Transitions (CUT).
Low-carbon measures in cities could reduce urban emissions by nearly 90 percent and support 87 million jobs globally annually by 2030 in sectors such as clean energy and public transport. This is however, achievable if national governments prioritise zero-carbon cities today in order to secure economic prosperity and high living standards tomorrow.
Cutting 90 percent of carbon emissions from cities would require an investment of $1.8 trillion, but would generate annual returns worth $2.8 trillion in 2030 and $7 trillion by 2050.
Also, investments in low-carbon measures in cities will also reduce choking air pollution, cut chronic traffic congestion, and improve worker productivity. Urban populations are growing fast, and trillions of dollars will be invested in urban infrastructure in the next decade. National governments must seize this brief window of opportunity, as decisions made about cities in the next decade will put countries on a path to prosperity and resilience - or decline and vulnerability.
The report titled: “Climate Emergency, Urban Opportunity,” illustrates the imperative for national governments to support the development of clean, connected and compact cities to drive economic prosperity and address the global climate emergency.
CUT is a special initiative of the New Climate Economy jointly managed by the World Resources Institute Ross Center and the C40 Cities Climate Leadership Group.
The report is buttressed by a three-year research effort by a coalition of 50 of the world’s foremost research institutes, networks of national and city governments, investors, infrastructure providers, strategic advisory companies, non-governmental organisations and social movements.
It presents six key priorities for actions that national governments can take to seize this opportunity, namely:
• develop an overarching strategy to deliver shared prosperity while reaching bet-zero emissions;
• align national policies behind compact, connected, clean cities;
• fund and finance sustainable urban infrastructure;
• coordinate and support local climate action in cities;
• build a multilateral system that fosters inclusive, zero-carbon cities; and
• Proactively plan for a just Urban Transition.
Nigeria can join the league of these serious national governments in creating zero-carbon cities (or low-carbon emission measures) by carefully engaging in clean energy solutions, urban public transportation, using currently available technologies and practices – including carbon savings from buildings, materials efficiency and waste – while also delivering a significant economic return. Other measures include: undertaking massive reforestation, especially getting its urban areas green.
As of date, Nigeria’s natural forest cover has been reduced to area covering 640,000 hectares. Interestingly, 50 percent of this is found in Cross River State, while some states have lost all their pristine forests.
Investing in zero-carbon or low-carbon emission cities may be closely related to ‘Reducing Emissions from Deforestation and forest Degradation – the REDD programme launched in September 2008 by the United Nations Organisation, in collaboration with the Food and Agriculture Organisation (FAO), United Nations Development Programme (UNDP) and the United Nations Environment Programme (UNEP).
Currently, Nigeria, with over 80 percent of its natural forest gone, is still at investment phase of its National REDD programme. It would need to move up its national REDD programme beyond the investment to action phase.
Only Cross River State in the whole country has made fair impact in leveraging on the REDD+ programme. The state, which houses 50 percent of Nigeria’s remaining 20 percent pristine forest covering 640,000 hectares, last June began the investment phase of the REDD initiative, with a grant of $400,000 (N144 million) under its Governors’ Climate and Forest Task Force (GCF-TF).
But Odigha Odigha, one of Nigeria’s foremost environmentalists, told business a.m. from Calabar that Nigeria needs to move faster, as it is sorely among the few countries perceived as yet unserious in pursuing REDD programme.