Global attention is increasingly focused on climate action as the world accelerates efforts towards sustainable development. Countries are pledging more investments in the Green Climate Fund (GCF), the world’s largest dedicated climate fund. The GCF aims to foster a paradigm shift towards low-emission, climate-resilient development in developing countries. With a portfolio of $13.5 billion (including $51.9 billion, with co-financing), the GCF is delivering transformative climate action in over 120 countries. For a country’s firms to benefit from the fund, they must adhere to the Environmental Sustainability Goals (ESGs). There must be return on investment (ROI) expectations and the firms must deliver positive environmental and social impacts, according to Carbon Collective Investment, which handles climate-related funds. Despite contributing the least to global warming and having the lowest emissions, Africa faces severe collateral damage. This impacts its economies, infrastructure, water, food systems, public health, agriculture, and livelihoods. The African Development Bank warns that these effects could reverse development gains and increase extreme poverty. Nigeria exemplifies this challenge. As Africa’s largest economy and most populous country, it is rich in natural resources such as oil and natural gas. However, Nigeria has the world’s highest deforestation rate, losing 3.7% of its forests annually, according to the United Nations. The country’s diverse ecological zones support various livelihoods, agricultural practices, and commodities, all affected by climate change. Rising sea levels threaten cities such as Lagos, increasing risks of flood, waste management problems, and waterborne disease. Deforestation, land use changes, and the energy sector are the main contributors to Nigeria’s greenhouse gas emissions. Nevertheless, climate-focused companies are emerging to drive sustainable practices in Nigeria, advancing sustainable development goals and climate action to tap into the opportunities available. While market penetration has improved modestly, these companies have gained acceptance with effective business models and market adaptability. Here are the CEOs of these companies, who are catalyzing change and positioning Nigeria to become the face of climate action in Africa.
Nigerian Climate Tech CEOs Spearheading $13.8 Billion Green Investment Fund
