The Minister of State for Environment, Dr. Iziaq Adekunle Salako stated that climate change is not just an environmental issue but a development issue, that has enormous economic and social consequences.
The Minister disclosed this at the Inter – Ministerial Committee on Climate Change Meeting/Green Bond Program taking place in Abuja from Wednesday 21st- 22nd February 2024.
Salako stated that there is need to understand the magnitude of the economic, social and ecological challenges that confront us as a nation.
“The Green Bond issuance has become part of our 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.
The Minister, therefore, appreciated the efforts, collaboration and participation of the major stakeholders such as Debt Management Office, Budget Office of the Federation, the Office of the Accountant General for their leading roles in Program, the World Bank through the ACReSAL project for financial support for the Green Bond Program.
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.
Ibrahim Haruna
Head, Press and Public Relations Unit
