The World Bank says it has disbursed $31.7bn as climate financing in its 2022 fiscal year.
It stated that this is a 19 per cent increase from the $26.6bn it recorded in its last fiscal year. According to it, lending for climate-related investments reached 36 per cent or $31.7bn, exceeding its new climate finance target of 35 per cent as outlined in the 2021-2025 World Bank Group Climate Change Action Plan.
It added that Nigeria got $700m from $31.7bn it disbursed for an Agro-Climatic Resilience in Semi-Arid Landscapes Project that hopes to develop 20 watershed management plans covering all of the northern part of the nation.
According to the bank, climate change is causing severe water scarcity in Nigeria and could cost the country about 30 per cent of its GDP by 2050.
The global bank said climate change was affecting the livelihoods of millions of households, worsening food security and livelihoods, and increasing the risk of violent conflict.
In a report on its website titled, ‘World Bank Group Exceeds New Climate Finance Target – $31.7 Billion in Funding for Climate Action’, the Washington based bank said, “Helping 3.4 million people adapt to a changing climate in Nigeria: Climate change is causing severe water stress in Nigeria, causing droughts to increase in frequency and intensity.
“This affects Nigeria’s economic growth – it could cost the country as much as 30 per cent of its GDP by 2050, affecting the livelihoods of millions of households, worsening food security and livelihoods, and increasing the risk of violent conflict.
“Sustainable landscape management can help boost the resilience of local communities and adapt to changing dryland conditions. A $700m Agro-Climatic Resilience in Semi-Arid Landscapes Project aims to develop 20 watershed management plans covering all of Northern Nigeria.
“It will prioritize investments that can slow desertification while supporting natural resource-based livelihoods, for instance investing in sustainable oases and wetlands can be vital for adaptation and provide alternative incomes for communities.
“The project is designed to ensure community level participation, building local capacity and coordination between different groups, and ensuring transparency across different agencies so that climate solutions also strengthen the institutional systems in place.
“88 per cent of the financing for the project supports activities focused on building climate resilience and adaptation.”
The World Bank revealed that 2022 is set to rank among one of the 10 warmest years on record with climate impacts threatening to push millions into poverty.
It said it is committed to supporting Nigeria and other developing countries to mitigate greenhouse gas emissions and increase resiliency to climate impacts, while also meeting core development priorities.