Business

The $3 million Extractive Industry and Climate Change Governance Fund aims to help steer the natural resources sector in West Africa toward sustainable and inclusive development

LAGOS, Nigeria, 10 December 2021 -/African Media Agency(AMA)/- Today, the Ford Foundation announced its commitment of $3 million to launch the Extractive Industry and Climate Change Governance Fund, a five-year initiative to promote and support a more equitable governance of natural resources that leads to sustainable and inclusive development in West Africa. Focusing primarily on Nigeria and Ghana, the fund will be hosted by Africa Centre for Energy Policy (ACEP) to support a network of resource governance organizations and civic actors, anti-corruption organizations, budget advocates, and grassroot and community organizations addressing inequality as it relates to the natural resources sector in the region. 

Climate change reflects a fundamental failure of global development that is rooted in the extraction of natural resources. In West Africa, the extraction of metals, minerals, and fossil fuels has exacerbated inequalities and caused severe environmental damage that drive climate change. Whether natural resources aggravate or reduce inequality depends on who controls those resources, how the benefits that derive from them are distributed across different communities, and whether those resources are used in ways that foster ecosystem restoration or degradation.