By Chuks Oyema-Aziken
Minister of Environment, Balarabe Abbas Lawal on Wednesday said the $165 million realized from two sovereign green bonds have been instrumental in financing climate-smart projects across various sectors including renewable energy, afforestation and sustainable transportation.
Lawal disclosed this at the 8th meeting of the Green Bond Advisory Group in Lagos.
He said the initiatives have not only underscore commitment to environmental stewardship but also highlight resolve to integrate sustainability into national development strategy.
The Minister noted the immense role of the private sector and capital market actors in the journey.
“The scale of resources required to address climate change and drive sustainable development far exceeds the capacity of government alone, hence, the involvement of the private sector is crucial to our success. Participation of private sector brings in the necessary capital, innovation and efficiency which are vital for scaling up green finance initiatives.
“By collaborating with financial institutions, development partners and capital market operators, we can create a robust ecosystem that supports green investments as well as drives impactful changes to our environment.
He said the third issuance of the Sovereign Green Bond will be a critical step towards consolidating efforts and expanding the scope of green finance initiatives through government commitment to a more programmatic issuance and signalling transformative shift towards sustainable development and economic prosperity.
“This issuance will focus on financing projects that aligns with our Nationally Determined Contributions (NDCs) under the Paris Agreement as well as, the Renewed Hope Agenda of this Administration with particular emphasis on sectors such as renewable energy, sustainable agriculture, green building, afforestation and resilient infrastructure.
“By prioritizing these areas, we will mitigate the impacts of climate change as well as drive economic growth, create jobs, promote social inclusion and build resilience capability for various communities across the nation.
“The success of our green bond program hinges on transparency, accountability and effective stakeholder’s engagement. We are committed to ensuring that all processes surrounding the issuance and utilization of green bonds are transparent and that the outcomes are made available and reported accurately. This will help build trust and confidence among investors and other stakeholders thereby fostering a conducive environment for sustainable investments to thrive.”
