Lagos State Governor Babajide Olusola Sanwo-Olu urged global stakeholders to prioritize climate finance and private-sector investment during a speech at the United Nations General Assembly’s 81st session, emphasizing the need for subnational governments to access affordable, long-term funding. Speaking as a representative of the Under2 Coalition, Sanwo-Olu highlighted the critical role of states and regions in translating climate commitments into tangible infrastructure and economic opportunities, while stressing their limited access to capital for large-scale projects.
The governor addressed Heads of State and Government during the high-level meeting on Climate Action and the Just Transition, framing climate action as a pathway to protect Lagos’ population, strengthen its economy, and build resilience. He outlined key areas for investment, including cleaner transportation, waste management, recycling, circular-economy initiatives, and clean energy, which he argued could generate economic value amid the state’s rapid urbanization. Lagos produces over 5,000 tonnes of solid waste daily, creating opportunities in waste recovery, resource efficiency, and clean-energy value chains.
Sanwo-Olu underscored the urgency of bridging the financing gap for subnational governments, calling on development finance institutions, investors, and private-sector actors to increase participation in emerging markets. “States and regions need access to affordable, long-term finance to turn plans into infrastructure,” he stated. “We are ready to deliver, with ambition, responsibility, and solutions. Now, we need partnerships and investment to scale our efforts.” His remarks aligned with California Governor Gavin Newsom, as Lagos leveraged its Under2 Coalition membership to deepen international climate collaborations.
The state is advancing mechanisms to connect climate priorities with investors through the Office of Climate Change and Circular Economy (OCCE), led by Special Adviser Titilayo Oshodi. Oshodi emphasized the need to translate the State-Determined Contributions (SDC) framework into actionable projects, noting that “policy ambition alone does not move capital.” The OCCE is focusing on developing investable opportunities, strengthening data systems, and creating pathways for financial institutions and businesses to engage.
Lagos is also building a Lagos Climate Finance and Investment Platform to link climate priorities with capital, technology, and implementation partners. The platform will prioritize climate finance, deal-making, Article 6 compliance, digital verification, and international partnerships. The initiative aims to position climate action as a driver of infrastructure financing, private investment, and employment, with plans to showcase its investment proposition at COP31 in Antalya, Türkiye.
The governor’s strategy reflects a broader effort to convert climate commitments into bankable projects capable of attracting domestic and international capital. By aligning environmental goals with economic development, Lagos seeks to address its infrastructure challenges while fostering resilience against climate impacts. Sanwo-Olu’s advocacy underscores the growing role of subnational governments in global climate governance and the need for systemic financial support.
Lagos’ approach highlights the intersection of climate action and economic opportunity, with potential benefits for millions of residents. The state’s focus on waste management, clean energy, and circular economies not only addresses environmental pressures but also creates jobs and improves public services. As global attention turns to COP31, Lagos aims to solidify its position as a leader in climate innovation and investment, demonstrating how urban centers can drive sustainable development.