Mkpoikana Udoma
Port Harcourt — The Nigerian Government says it has taken a bold step towards reducing Nigeria’s carbon footprint, by investing N2.69 billion in 39 projects aimed at mitigating climate change.
The Minister of State for Environment, Dr. Iziaq Adekunle Salako, said the funds, raised through the issuance of two sovereign green bonds, will finance initiatives in afforestation, renewable energy, transportation, agriculture, and water resources.
Salako made the announcement 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 said investment demonstrates the government’s commitment to tackling climate change and promoting sustainable development, aligning with Nigeria’s goal of net-zero emissions by 2050.
According to the Minister, the 39 projects will have a significant impact 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.
He said, “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.
Earlier, the Country Director, BudgIT Foundation, Mr. Gabriel Okeowo, disclosed that the Roundtable on Climate Budgeting and Green Accountability would provide a platform for updating stakeholders on recent development in Nigeria’s journey to net zero and highlight analysis of climate change intervention in the country.
Okeowo said the event would also enable government agencies, climate and energy experts and civil society organizations to produce an insight that would shape climate financing as well as energy transition policies and implementation in Nigeria.
