The UN’s Conference of the Parties (COP) 27th meeting which was held at Egypt may have come and gone but ripples from the event will remain for long time. Held in Sharm el-Sheikh, Egypt, the 27th meeting follows the last one in Glasgow a year earlier and is tagged the “African COP” because of a number of Africa related agenda issues debated. Major outcomes of COP27 include two issues of major concern for Africa and Nigeria, namely the decision to set up a climate loss and damage fund and the resolution “phasing down” rather than “phasing out” the burning of fossil fuels.
Nigeria is among the top 10 of the world’s most climate vulnerable countries, though contributing one per cent of global greenhouse gas emissions and therefore had a major stake in the deliberations at COP27. After nearly 30 years of demanding that rich countries set up a fund for rescuing and rebuilding of communities stricken by climate disasters, at COP27 it was resolved to set up a climate loss and damage fund.
The country is already experiencing the effects of climate change, including rising temperatures, erratic rainfall patterns, and increased frequency of extreme weather events such as floods, droughts, and heatwaves. These impacts have led to loss of lives, property, and livelihoods, especially among the poor and vulnerable communities.
Ideally, the Conference of the Parties is an annual meeting where countries from around the world come together to discuss climate change and ways to mitigate its effects. The conference presents an opportunity for countries to showcase their commitments to addressing climate change, but it also presents an opportunity for companies in Nigeria to benefit positively.
Firstly, the conference provides an opportunity for Nigerian companies to showcase their commitment to addressing climate change. This can be through their sustainability programs, renewable energy projects, and other initiatives aimed at reducing their carbon footprint. Companies that showcase their commitment to addressing climate change are likely to receive positive attention from investors, customers, and other stakeholders who are concerned about sustainability. This can enhance their reputation and increase their brand value, leading to increased business opportunities and profits.
Secondly, the conference presents an opportunity for Nigerian companies to access climate finance. Developed countries pledge funds to help developing countries mitigate and adapt to the impacts of climate change. Nigerian companies can benefit from these funds by implementing climate change mitigation and adaptation projects, such as renewable energy development, afforestation, and sustainable agriculture. Accessing climate finance can help Nigerian companies expand their operations, develop new technologies, and create jobs, leading to economic growth and development.
Thirdly, the conference provides an opportunity for Nigerian companies to network with international companies and organizations. The conference attracts a wide range of stakeholders, including policymakers, investors, NGOs, and other businesses. Nigerian companies can leverage these networking opportunities to build partnerships, share knowledge, and learn about new trends and best practices. This can enhance their competitiveness and help them stay ahead of the curve in terms of sustainability
In conclusion, Nigerian companies stand to benefit immensely from the United Nations Conference of Parties (COP) on climate change. As the world moves towards a low-carbon economy, companies that prioritize sustainability and take proactive measures to reduce their carbon footprint will be better positioned to compete and thrive in the global marketplace.
The UN COP presents a unique opportunity for Nigerian companies to learn about global best practices in climate action, network with other stakeholders, and gain access to funding and resources to support their sustainability initiatives. By leveraging the opportunities presented by the UN COP, Nigerian companies can not only contribute to the global fight against climate change but also enhance their own long-term viability and competitiveness. Ultimately, it is up to individual Nigerian companies to take the initiative and seize the opportunities presented by the UN COP to build a sustainable future for themselves and their communities.