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Retail Investors Target $94B for Nigeria’s Climate Financing by 2030

According to Standard Chartered’s latest Sustainable Banking Report 2023, retail investors in Nigeria have the potential to raise $94 billion towards climate change financing by 2030. The report highlighted that 95% of investors in Nigeria expressed interest in climate investing, with 91% expressing a desire to increase capital flows towards climate-related initiatives, marking the highest interest among all markets surveyed.

Based on a survey of 1,800 respondents in 10 growth markets across Asia, Africa, and the Middle East, the research identified a global potential of $3.4 trillion for climate investing, showcasing the significant impact individuals can have in combating climate change.

Within the context of climate investing in Nigeria, the report suggested that approximately $60 billion could be directed towards mitigation themes, including renewables, energy storage, and energy efficiency. Additionally, around $34 billion could be mobilized for adaptation efforts, including resilient infrastructure, the blue economy, and food systems.

Despite the high interest in climate financing, the report noted several barriers preventing investors from translating their interest into investment. These barriers vary by investor segments and need to be addressed to unlock the full potential of retail participation in climate investments.

The report recommended that financial institutions, regulators, companies, and individuals collaborate to establish a wider range of climate assets and drive greater retail participation. It stressed the importance of innovation in creating new climate assets aligned with emerging investor interests, such as biodiversity and the blue economy.

Lanre Olajide, Head of Wealth Management and Deposits Nigeria and West Africa, commented on the report, stating, “To overcome the current disconnect between investor interest and the scale of climate investments, the industry needs to improve access to solutions, harmonise reporting standards and measurement of impact.” Olajide emphasized the importance of working closely with clients to align investments with their areas of interest, contributing to a more sustainable future.

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