Increased global efforts to tackle climate change and enhancing environmental sustainability in Nigeria and the rest of the world between 2015 and this year may have hit $300 billion, according to various data sources.
Climate finance addresses the specific financial flows for climate change mitigation and adaptation.
According to the United Nations Framework Convention on Climate Change (UNFCCC), climate finance to developing countries grew from $33billion in 2015 to $38billion in 2016.
Between 2016 and 2017, private climate finance mobilized by developed countries grew from $10.1 billion to $14.5 billion.
Climate finance provided and mobilized by developed countries for developing countries totaled $ 78.9 billion in 2018, up 11 percent from 71.2 billion in 2017. The increase was driven by a rise in public climate finance, while private climate finance was flat, according to new figures from the OECD.
Climate finance for developing countries rose to $78.9 billion in 2018.
Also, efforts of Multilateral Development Banks (MDBs) that continue to scale up climate finance flows, increased during the review period. Climate finance committed by MDBs rose to a total of $66 billion last year from $61.6billion in 2019, according to the 2020 Joint Report on Multilateral Development Banks’ Climate Finance.
Global Landscape of Climate Finance 2021 report noted that total climate finance has increased over the last decade, reaching $632 billion in 2019/2020.
According to the Climate Policy Initiative, climate finance flows have been increasing, from $360billion in 2012 to an estimated $608-622 billion in 2019.
Data in 2019, according to Organisation for Economic Co-operation and Development (OECD ) show rich countries mobilized $79.6 billion in climate finance.
The 2020 Joint Report on Multilateral Development Banks’ Climate Finance, showed that climate finance to low- and middle-income economies committed by major multilateral development banks (MDBs) rose to US$ 38 billion. In addition to this, $28 billion was committed to high-income countries by MDBs focused on developed countries.
The World Bank Group accounted for more than half of this climate finance for developing countries; and over two-thirds of climate adaptation finance.
Over the last five years, the World Bank Group delivered over $83 billion in climate finance, including a record $21.4 billion in 2020.
The total climate co-finance committed during 2020 alongside MDB resources was $ 85 billion.
Together, MDB climate finance and climate co-finance totaled more than US$ 151 billion. The amount of private direct mobilization stood at $ 5.9 billion.
Foresight Africa 2022 report, noted that Climate finance will be critical for enabling Africa to adapt to the growing impacts of climate change and to ensure that its future development path is consistent with the goal of limiting global warming to no more than 1.5°C.
To achieve a low-carbon, climate-resilient path, the report said Africa requires a major ramp-up in the scale and quality of investments in energy transitions, sustainable infrastructure; climate change adaptation and resilience; and restoration of natural capital (through agriculture, food, and land-use practices) and biodiversity.