Businesses can leverage international climate data for strategic decision-making – Catalyst 2030 Director
Mrs. Pearl Uzokwe, Director of Catalyst 2030, has stated that Nigerian businesses can benefit from international partnerships by leveraging valuable climate change data collected by international organizations to inform decision-making and gain business advantages.
Uzokwe made these remarks at Nairametrics’ May 2024 Industry Outlook Webinar, entitled “Climate Change – Resilient Strategies for Businesses.”
She highlighted that these partnerships enhance capacity building and further benefit Nigerian businesses.
“What this collaboration in the SDG-17 has done for Nigerian businesses is that they are partnering with international organizations on climate change.
“There is the Intergovernmental Panel on Climate Change and the international organizations like the United Nations Framework Convention on Climate Change, which are crucial for Nigeria, where we have many challenges to address.
“Nigerian businesses can leverage the valuable data provided by these organizations and use it to make informed decisions that will hopefully benefit the people. By doing so, they are not only building on the data but also building capacity.” she said.
She further noted that these international partnerships on climate change can help Nigerian businesses avoid the mistakes made by their counterparts in other parts of the world and allow them to gain the benefits of climate resilience and adaptation more quickly.
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Uzokwe highlighted that international finance institutions like the African Development Bank are pooling resources to support climate change efforts, and Nigerian businesses partnering with these institutions can benefit significantly.
She also emphasized that, in terms of risk management, international partnerships help to create financial instruments that can assist businesses, including Nigerian ones, in managing climate risks.
The Director of Catalyst 2030 further pointed out that international partnerships on climate change can benefit Nigerian businesses through technology transfer.
She noted that climate change technologies are often expensive and require high upfront capital expenditures, posing challenges for Nigerian businesses. However, collaboration with more technologically advanced countries can help Nigerian businesses achieve significant social impact and benefits that might not be possible in those developed countries.
Uzokwe also highlighted that, on the trade side, international partnerships can help Nigerian businesses understand how to retrofit their organizations to meet the higher environmental standards demanded by international trade agreements.
She further noted that these partnerships will help Nigerian businesses understand global standards, enabling them to make their supply chains more eco-friendly, minimize their carbon footprint, and position their businesses to be attractive for international trade deals.
