By Chuks Oyema-Aziken
The Minister of State for Environment, Dr. Iziaq Adekunle Salako has called for an understanding of the enormous economic and social consequences of climate change.
Dr. Salako made the call on Wednesday at the 2-day Inter-Ministerial Committee on Climate Change Meeting/Green Bond Program taking place in Abuja.
He said the Green Bond issuance has become part of the country’s climate experience.
“It is in this regard that we shall continue to draw strength and lessons from one another as we proceed in the nation’s low-carbon pathway through the Green Bond process,” he said.
He said the third issuance is dependent on the collaboration of stakeholders doing the right thing especially as relate to developing the green bond budget.
Salako, however, enjoined major stakeholders that efficiency of resource allocation and utilization to priority projects, especially for Sovereign Green Bond Issuance are critical to the successful implementation of the third issuing of the Green bond.
Earlier, in his welcome remarks, the Permanent Secretary, Federal Ministry of Environment, Mahmud Adam Kambari, said that the maiden and follow-up issuances of the Sovereign Green Bond to the tune of NGN25.69bn have funded projects across five (5) priority sectors of Environment, Energy, Agriculture, Transport and Water.
He further stated that the projects funded from the proceeds of the bond provided clear and quantifiable environmental benefits including 12.5W of Renewable Energy generation, over 2,000ha of afforestation/reforestation programmes and an estimated emission reduction potential of 33,504 tonnes of carbon dioxide equivalent per annum.
The Permanent Secretary appreciated the World Bank through the ACReSAL Project for their significant role and financial support to the Green Bond program.
Kambari urged the relevant stakeholders to participate actively to ensure that the objective of the meeting is achieved.
It would be recalled that Nigeria was the first country in Africa and the fourth globally to issue a Sovereign Green Bond and the first Sovereign Green Bond hub certified using the Climate Bonds Standard.
