JUST IN 🔥🔥 BABCOCK UNIVERSITY VC URGES JOINT EFFORTS TO ADDRESS CLIMATE CHANGE.
BY RICHMOND 🍯
The Vice Chancellor of Babcock University, Prof Ademola Tayo, has emphasized the need for both the public and private sectors to mobilize resources to stem the tide of climate change. He made this call at the 2nd annual finance symposium of the university's Department of Finance,
Babcock University VC Calls for Public-Private Partnership to Combat Climate Change
The Vice Chancellor of Babcock University, Prof Ademola Tayo, has emphasized the need for both the public and private sectors to mobilize resources to stem the tide of climate change. He made this call at the 2nd annual finance symposium of the university's Department of Finance, themed "Public-Private Partnerships in Climate Finance: The Role of Governments and Impact Investors."
The Climate Crisis:
- Tayo noted that the world is facing unprecedented climate crisis with extreme weather conditions, including flooding, wildfires, excessive heat, and drought.
- He warned that unless concrete actions are taken, climate change would continue to inflict the world with excruciating pain.
Impact of Climate Change in Nigeria:
- According to a World Bank report, climate change is projected to lead to a 25% decline in agricultural productivity by 2050 in Nigeria, exacerbating food insecurity and poverty.
The Role of Impact Investing:
- Tayo emphasized that impact investing can play a vital role in bridging the funding gap for climate finance.
- He defined impact investments as investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return.
Public-Private Partnerships:
- The VC stressed that public-private partnerships are essential for mobilizing climate finance.
- Governments can create an enabling environment for impact investing by providing policy support, tax incentives, and risk guarantees.
Lagos State's Experience:
- Lagos State Commissioner for Environment, Mr Tokunbo Wahab, revealed that the effects of climate change are so real that six communities along Lagos coastal lines have been wiped out in the last two years.
- He emphasized that public-private partnerships are the best way to drive climate financing, citing examples such as green energy investments and waste-to-energy projects.
Call to Action:
- Tayo and Wahab called for collaboration between governments, impact investors, and other stakeholders to address the challenge of climate change.
- They emphasized that climate financing is essential to mitigate the impacts of climate change and promote sustainable development.
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