Nigeria’s Climate Action Envoy Engages Global Energy Leaders To Boost Investments
Nigeria’s Envoy on Climate Action, Ajuri Ngelale, has disclosed that plans are underway to co-create solutions with global energy leaders on ways to catalyse large-scale private-sector-led investments, in renewable energy and carbon capture technology projects in Nigeria.
He made this known after he participated in a Leadership Roundtable meeting of cabinet-level officials and captains of industry on the sidelines of the Global Energy Transition Congress held in Milan, Italy.
Ngelale said the meeting focuses on creating coordinated pools of de-risking finance to provide political risk guarantees for emerging markets vulnerable to climate change.
“Gradually, we are seeing a paradigm shift concerning how commercial risk and value are evaluated in the wake of an increasing frequency of climate disasters.”
He noted that the insurance industry, particularly in developed markets, is undergoing major changes such as a significant paradigm shift in the ways commercial risk and value are evaluated amid the increasing frequency of climate disasters.
The Special Presidential Envoy on Climate Action, Ngelale emphasized that a future where companies are evaluated based on verifiable climate impact or mitigation measures is becoming a reality across sectors.
According to him, “We are seeing a paradigm shift concerning how commercial risk and value are evaluated in the wake of an increasing frequency of climate disasters.
“The insurance industry, especially in developed markets, is just one sector seeing major changes – and a future in which companies will be assessed according to verifiable measurements of climate impact or mitigation is evolving into reality across sectors.
“On the sidelines of the Global Energy Transition Congress in Milan, Italy, I joined a Leadership Roundtable of cabinet-level officials and captains of industry from across the globe as we sought to co-create solutions on how to catalyze large-scale private sector-led investments in renewable energy and carbon capture technology projects through the active creation of coordinated pools of de-risking finance in a way that provides political risk guarantees to cover specific vulnerabilities found in emerging markets that are prone to dynamic and unique manifestations of climate change,” SPEC added.
Recall that the three-day Global Energy Transition (GET) Congress 2024 was launched in Milan on Monday with a focus on uniting low-carbon energy sectors and high-carbon industries around the pressing need to develop and scale decarbonisation technologies that can accelerate the energy transition.
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