The UNFCCC has put promoting and enhancing actions on the development and transfer of environmentally sound technologies to developing countries and Parties as a critical issue to supporting action on mitigation of greenhouse gases and adaptation to the adverse effects of climate change.
The Technology Mechanism established by the Cancun Agreements in December 2010 represents a step to move beyond the 'conventional' approach to technology transfer under the Convention undertaken in the past – based essentially on capacity building and technology needs assessments – to a more 'dynamic' arrangement geared towards fostering public-private partnerships; promoting innovation; catalyzing the use of technology road maps or action plans; responding to developing country Party requests on matters related to technology transfer; and facilitating joint Research and Development activities. The Technology Mechanism consists of the Technology Executive Committee (TEC) and the Climate Technology Centre and Network (CTCN).
The Technology Mechanism, which became fully operational in 2012, will play a meaningful role in making a "real" difference as envisaged by the Cancun Agreements. Importantly, the Technology Mechanism must become an integrated and coherent entity which is both flexible in its design and operations and effective in carrying out its tasks to support the ultimate objective of the Convention. It would do this through accelerating international, regional and national technology development and transfer action that supports mitigation and adaptation on the ground at a scale that can make an impact on the global effort.
Nigeria may be losing over N30 billion to technology transfer every year, with the failure of the Nations companies to follow due process in adaptation of foreign technology and transfer agreements.
The need for organizations and Government institutions to patronize local experts to boost local content development is paramount to aid national development. This advocacy for technology transfer initiatives will helped the country in saving over N300 billion in the next 10 years, and mitigate Climate Change.