July 13, 2024

Nigeria assures on carbon reduction with N2.6bn

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Ilenre Irele

The Minister of State for Environment, Dr. Iziaq Adekunle Salako, stated that the funds, raised through the issuance of two sovereign green bonds, will be deployed to finance initiatives in afforestation, renewable energy, transportation, agriculture, and water resources.

Salako made this known at a roundtable discussion with stakeholders organized by BudgIT Foundation, a leading civil society organization, to promote climate budgeting and green accountability in Nigeria.

He stated that investment signals the government’s commitment to tackling climate change and promoting sustainable development, aligning with Nigeria’s goal of net-zero emissions by 2050.

He hinted that the 39 projects will have a significant outcome on reducing carbon emissions, contributing to the country’s economic growth and development, which is a positive step towards achieving Nigeria’s Nationally Determined Contributions, NDCs under the Paris Agreement.

“We are committed to tackling climate change head-on, and our ambitious plan will ensure a sustainable future for generations to come.

“We recognize the importance of collaborative efforts and innovative solutions to address the complex issues of climate change. We are dedicated to working with all stakeholders to achieve our goal of net-zero emissions by 2050.

“The government has issued two sovereign green bonds worth N2.69 billion to finance 39 projects aimed at reducing carbon emissions and promoting sustainable development.

“This is a significant step towards achieving our climate goals, and we urge all stakeholders to prioritize innovation and finance mechanisms to support climate governance. We must work together to build a future that is not only sustainable and resilient but also just and equitable,” he said.

The Country Director, BudgIT Foundation, Mr. Gabriel Okeowo, stated that the Roundtable on Climate Budgeting and Green Accountability has provided an avenue for updating stakeholders on recent development in Nigeria’s journey to net zero and highlight analysis of climate change intervention in the country.

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