Sanwo-Olu urges collaboration to bridge climate change’s financing gap

The Lagos State governor, Mr Babajide Sanwo-Olu, has called on  governments, financial institutions and international organisations on the need to work collaboratively to bridge the climate change’s financing gap.

The governor who spoke through his Deputy, Dr. Obafemi Hamzat during the closing ceremony of the 10th Lagos International Climate Change Summit held at Victoria Island, advocated a continuous increased and sustained  financing to mitigate climate change challenges.

He added that it is high time the government ensured that resources are directed towards projects that yield benefits for communities and ecosystems.

He said:”We are committed to fostering a supportive environment for climate finance and local adaptation initiatives, ensuring that all efforts are aligned with the insights and expertise shared.”

He applauded the resolve of participants to work hand in hand with all stakeholders to transform the discussions into concrete actions that will benefit communities and environment.

He added that participants have also learnt that accelerating climate finance is not merely about mobilizing funds but ensuring that these resources reach those who need them most saying, It is about creating financial instruments that are accessible, equitable, and effective.

The governor added that experts have highlighted innovative financing mechanisms, from green bonds to climate insurance, and the importance of leveraging both public and private sector investments.

He stressed that the discussions have underscored the necessity of a systemic shift in how everyone perceives and deploys financial resources for climate action.

He said the government would continue to prioritize capacity building and knowledge sharing by empowering local communities with the skills, tools, and knowledge they need to develop and implement adaptation strategies.

He said the government is determined to continually strengthen policy frameworks and regulatory environments to support climate action and remain steadfast in our commitment to inclusivity and equity.

According to him, climate action must be inclusive, ensuring that the marginalised and vulnerable groups are not left behind such that women, youth, indigenous people, and other underrepresented communities must have a voice in the decision-making processes that affect their lives and livelihoods.

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