Nigeria and UNDP develop national taxonomy to attract climate finance
What happened
Nigeria is creating a national framework to attract climate finance for smallholder farmers. The Federal Ministry of Finance and the United Nations Development Programme are collaborating on this national taxonomy. This framework defines which activities qualify for climate finance, aiming to help farmers affected by climate challenges such as drought and flooding.
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Why it matters
The initiative seeks to improve access to financing for farmers by providing targeted investments and improved financial systems. By defining eligible activities, the taxonomy aims to integrate climate finance instruments into Nigeria's financial systems, potentially enhancing the nation's ability to attract international funding.
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Who's involved
- NigeriaSovereign state where the national taxonomy is being developed.
- United Nations Development ProgrammeProviding development support and collaborating on the national taxonomy.
- Federal Ministry of FinanceCollaborating with UNDP to develop the national taxonomy.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- World Bank GroupSpeculative
The World Bank Group may benefit from an improved national taxonomy, which could enhance Nigeria's credit profile and unlock funding.
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The entities involved
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Nigeria
sovereign state in West Africa
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United Nations Development Programme
government organization in Zagreb - Centar, Croatia
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Federal Ministry of Finance
Federal agency of the Federal Republic of Germany
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