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Huzi I.Mshelia Climate Change Team

Climate change, Infrastructure delivery and finance @ The 5 th Lagos State Climate Change Summit 13 th March,2013. Huzi I.Mshelia Climate Change Team. Keys observations/ m essages.

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Huzi I.Mshelia Climate Change Team

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  1. Climate change, Infrastructure delivery and finance @The 5th Lagos State Climate Change Summit13th March,2013 Huzi I.Mshelia Climate Change Team

  2. Keys observations/ messages • Climate change is happening and will have significant impact on infrastructure. (If no adaptation measure is taken, between 2-11% of the nation’s GDP will be lost by 2020; and between 6-30% by 2050(DFID,2009). • Building infrastructural resilience to cope with unfolding climate impacts has become imperative. The location, design, building and operation of asset must factor current and future climate impacts. • Costs for infrastructure development is significantly high and spending must be prioritized. • About $100bn(N15tr) needed annually for the next ten years for power, transport and energy-CBN,2012).Lagos needs $2bn expansion of water network in the next 20years and $715m for roads in the next5yrs. • Necessary linkage between transport, water, energy and ICT must be established to increase operational and market efficiency-(managing infrastructure interdependencies)

  3. Keys observations/ messages cont’d • Reliable (sustained) finance is crucial. • Understanding the roles of governments, infrastructure owners and operators, regulators, investors, insurers, engineers(other professionals), and the research communities is critical; and in ensuring they have the right skills and capacity to implement adaptation measures. • Greater investment in generating and management of information & knowledge for climate proofing insfrastructure. • Climate change response measures must be contextual…driven by national and state development agenda. • Need to optimize the current opportunity to transit to a low carbon pathway at lower incremental cost.…enhancing the green economy. • New vision and effective leadership for coordinated strategies required. • Key outcome will be a more resilient and robust infrastructure network able to cope with projected climate impacts without massive failure and economic cost.

  4. Financing infrastructure development • Public/private domestic and international development fund, and PPPs. • Expanding mandates of existing Development Finance Institutions(DFI) to include infrastructure e.g. Bank of Industry, NEXIM, FMBN, Bank of Agriculture, National Economic Reconstruction Fund(NERFUND) and the Infrastructure Bank(formerly Urban Development Bank). • Exploring other innovative funding mechanisms: Pension Funds, Sovereign Wealth Fund, Ecological Fund and SURE-P. • Proposed Nigeria Infrastructure Fund by the CBN will create guarantee mechanism for particular projects. • International Climate Finance including the carbon markets(www.climatefundsupdates). • Diversified and other resources base e.g. agriculture, solid minerals and genetic resources. • Issuing of sovereign bonds at international markets. • Nigeria’s ready-made market with a population of 150m. • Nation’s huge diaspora remittance($11bn in 2011; estimated $21bn in 2012-WB). • Programme for Infrastructure Development in Africa(PIDA), a AU/NEPAD and AfDB initiative ensuring integration of climate resilient infrastructure.

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