As Nigeria celebrated the 2024 World Environment Day on June 5th, the Minister of State for Environment, Dr. Iziaq Adekunle, emphasized the significant economic value of Nigeria’s biodiversity, estimated to be over 8 billion USD annually.
He urged the nations of the Global North to fulfill their commitment to providing 20 billion USD in international biodiversity finance to developing countries by 2025 and 30 billion USD by 2030.
Dr. Adekunle advocated for the adoption of Nature Based Solutions (NBS) to address the challenges posed by climate change.
He highlighted Nigeria’s biodiversity as a global public good with value for the entire world, emphasizing that its economic benefits outweigh the costs of conservation. He called for global attention and investment in nature-based solutions and nature financing.
During the 28th Conference of Parties to the United Nations Framework Convention on Climate Change (COP28), Nigeria and other countries launched the Ministerial Alliance for Ambition on Nature Finance (MAANF) to unite the global south countries in promoting ambition on nature finance.
Their focus is on delivering an annual 20 billion USD in biodiversity financing to developing countries in the Global South by 2025.
On World Environment Day, Dr. Adekunle called on the nations of the Global North to fulfill their commitment and deliver at least 20 billion USD annually in international biodiversity finance to developing countries by 2025 and 30 billion USD by 2030.
He emphasized the importance of investing in nature, highlighting its role in protecting ecosystems, ensuring food security, creating jobs, stabilizing the economy, mitigating climate change, and preserving indigenous ways of life.
He emphasized that MAANF, chaired by Nigeria, is steadily growing in membership and visibility, with 10 current member countries.
The alliance has been actively engaging in strategic programming and networking, including holding a high-level side event during the 6th United Nations Environmental Assembly and making a communication during the G7 summit to reiterate the commitment to deliver 20 billion USD per year to developing countries by 2025, as outlined in target 19. a of the Global Biodiversity Framework.
