Lagos targets $50bn climate investment at COP31

The Lagos State Government is targeting between $25bn and $50bn in climate investments from more than 300 potential projects as it prepares to showcase its opportunities at the 31st United Nations Climate Change Conference in Antalya, Türkiye.

According to a statement, the investment drive would focus on attracting investors and strategic partnerships to finance climate action, strengthen infrastructure resilience and accelerate sustainable economic growth.

The conference, scheduled for 9 to 13 November, 2026, will feature investment opportunities across renewable energy, solar power, transportation, climate-resilient infrastructure, water resources, waste management, agriculture and green enterprise.

Led by the Office of Climate Change and Circular Economy, the Lagos delegation will bring together investment priorities from the ministries of Environment and Water Resources; Transportation; Agriculture and Food Systems; Energy and Mineral Resources; Works and Infrastructure; and Waterfront Infrastructure Development.

A major highlight of the state’s participation will be the Lagos Climate Investment Day and Cocktail Reception on November 13, where government officials, investors, financial institutions, and development partners will explore financing opportunities and potential projects.

Lagos State Governor, Babajide Sanwo-Olu, said the state was positioning climate action as a driver of economic transformation through investments that would improve infrastructure, expand clean energy access, create jobs and strengthen livelihoods.

Sanwo-Olu said, “Lagos is demonstrating that climate action can be a powerful driver of economic transformation. Our priority is to translate our climate ambitions into investment opportunities that strengthen infrastructure, expand access to clean energy, improve transportation, create jobs and improve livelihoods.

“At COP31, we will engage investors, financial institutions and development partners to help turn our climate investment pipeline into tangible projects and lasting economic value for Lagos and Nigeria.”

The investment framework is anchored in the state’s State-Determined Contributions Framework, which connects five areas: clean energy and clean cooking; blue economy, water and climate resilience; circular economy and industrial decarbonisation; climate-smart infrastructure and urban transition; and climate innovation, food systems and green enterprise.

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The government said the framework would align ministries’ development priorities with investment opportunities in renewable energy, flood mitigation, electricity infrastructure, sustainable transportation, waste management, agriculture and green businesses.

Lagos also highlighted its climate finance initiatives, including a Climate Finance Preparedness Clinic that brought together more than 140 financial institutions and the Climate Defence and Catalytic Fund, launched in July 2026 to mobilise and de-risk investments in climate-resilient and low-carbon infrastructure.

The fund targets mobilising up to $3bn annually.

The state government has also commenced the distribution of clean cookstoves in Makoko as part of its ambition to distribute eight million units.

Organisations participating in the Lagos delegation include Sterling Bank, Keystone Bank and Stanbic IBTC Bank, alongside Sun King, RF Garden and House of Tempos.

The banking institutions are expected to contribute expertise on sustainable finance and financing structures for bankable climate-resilient infrastructure and green projects, while Sun King will showcase its experience in expanding access to solar energy.

The Special Adviser to the Governor on Climate Change and Circular Economy, Mrs Titilayo Oshodi, said the state’s investment framework would bring different ministries and agencies under a coordinated climate investment programme.

Oshodi said, “Climate action cuts across every part of Lagos’s development agenda. Through the SDC Framework, OCCE is connecting the priorities of our ministries and agencies within a common investment architecture.

“COP31 provides an opportunity to present this collective ambition to investors and strategic partners and advance discussions on financing and implementing projects across energy, transportation, infrastructure, agriculture and other critical sectors that will benefit Lagos.”