Climate Change: FG tasks stakeholders on efficient resource allocation

The Minister of State for Environment, Dr Iziaq Adekunle Salako, has called for efficiency in the allocation of resources to tackle the effects of climate change. He said this at an Inter-Ministerial Committee Meeting on Climate Change/Green Bond in Abuja.

Salako said there is a need to understand the magnitude of the economic, social and ecological challenges confronting the country due to the impacts of climate change, adding that climate change has significance for the environment and development with enormous economic and social consequences.

He informed stakeholders that the efficiency of resource allocation and utilization to priority projects, especially for Sovereign Green Bond Issuance, are critical for the third issuing of the  Green bond.

“The Green Bond issuance has become part of our climate experience. In this regard, 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.

According to the minister, the third issuance depends on the collaboration of stakeholders doing the right thing, especially relating to developing the green bond budget.

Salako appreciated the efforts, collaboration and participation of the major stakeholders such as the Debt Management Office, the Budget Office of the Federation, the Office of the Accountant General for their leading roles in the program, the World Bank through the ACReSAL project for financial support for the Green Bond Program.

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 N25.69bn 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.

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.

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