The World Trade Organization's (WTO) Director-General, Ngozi Okonjo-Iweala, has pushed Nigeria's Federal Government to seize the assets from the climate funds.
At the 28th Conference of Parties to the Paris Agreement (COP28) being held in Dubai, United Arab Emirates, on Friday, Okonjo-Iweala issued this plea and recommended that Nigeria as a nation begin working seriously on its Energy Transition Plan (ETP).
She made these remarks during her speech to the world leaders attending the World Climate Action Summit, which came after several nations had committed to reducing their carbon emissions.
Okonjo-Iweala asserts that Nigeria has a comparative advantage in luring and using possible investments following the money pledged at the UN Conference of the Parties (COP28).
"Now is the moment for Nigeria to take advantage of the potential investments available to us. Germany is promising $100 million, and we have to take a piece of that, she said.
Nigeria must start working seriously on its Energy Transition Plan (ETP).
Speaking further about the energy transition strategy, Okonjo-Iweala stated that Nigeria would require its gas as a transition fuel.
The nation cannot quickly transition from one to the other, the former minister of foreign affairs continued.
Even if there are still a lot of impoverished individuals in our emerging nation, we should act now. As more international leaders make pledges, Nigeria has an opportunity to obtain additional funding, she stated.
"Let's strive to seize the investments that are willing to be made right now and not fall behind. We need to take advantage of the $30 billion investment fund that the UAE announced, as you may have heard.
"In order to begin accumulating green hydrogen for ourselves and others, we must connect with the US one."
She met with King Charles III and Commonwealth Secretary General Patricia Scotland KC after giving a speech at the Commonwealth Women Climate Leaders & Small Island Developing States Event.
According to Okonjo-Iweala, they talked about how commerce may help with the low-carbon transition in a number of ways, such as by producing and exchanging green hydrogen.
The 28th edition of the United Nations Climate Change Conference, often known as the Conference of the Parties of the UNFCCC or COP28, will take place in 2023.
Expo City in Dubai is the venue for the conference, which runs from November 30 to December 12, 2023.