Vice President Senator Kashim Shettima has disclosed plans by Nigeria to mobilise up to $3 billion annually in climate finance through its National Carbon Market Framework and Climate Change Fund.
He disclosed this while speaking at a high-level thematic session titled “Climate and Nature: Forests and Oceans” at the ongoing United Nations Climate Change Conference (COP30) in Belem, Brazil.
If this happens, Nigeria will position itself as a leader in nature-positive investment across the Global South.
Shettima, who was representing President Bola Ahmed Tinubu, noted that Nigeria’s climate strategy is rooted in restoring balance between nature, development, and economic resilience.
“Through our National Carbon Market Framework and Climate Change Fund, we aim to mobilise up to three billion US dollars annually in climate finance.
“These resources will be reinvested in community-led reforestation, blue carbon projects, and sustainable agriculture,” the vice president stated.
He called on the international community to significantly increase grant-based finance and implement innovative mechanisms such as debt-for-nature swaps and Blue Carbon Markets under Article 6 of the Paris Agreement.
According to Shettima, nature, forests, oceans, and landscapes are shared global assets that must be protected through predictable, equitable, and accessible funding.
“We call on our global partners to recognise the economic value of nature and to channel significant finance towards protecting and restoring it,” he said.
Shettima also highlighted the injustice faced by Global South nations, which have contributed least to climate change but bear its highest costs.
“Countries that have benefited more from centuries of extraction must now lead in restoration,” he stated.
He emphasisee that Nigeria is “taking bold, coordinated steps to restore balance between climate, nature, and development,” supported by the institutional backbone of the National Council on Climate Change.
Shettima rejected the portrayal of Africa as a passive victim of climate change, pointing out that the continent is home to some of the world’s largest untapped carbon sinks and a youthful population capable of driving innovation.
“Africa’s rainforests, mangroves, peatlands, and oceans are global assets. Our young people are the world’s greatest untapped source of innovation and resolve,” he said.
Shettima called on global partners to join Nigeria and the African Union in advancing the African Nature Finance Framework, designed to unlock private capital for reforestation, ecosystem restoration, and blue economy development across the continent.
“Nigeria believes that COP30 must mark the beginning of a new compact — one that recognises Africa’s ecosystems as global assets deserving of global investment and protection,” he concluded.
