Speaking at the “Green and Sustainability Bonds” workshop in Lagos, Mr. Temi Popula, CEO of NGX, said that the limited flow of climate finance remains a key issue for the implementation of mitigation and adaptation actions in Africa, especially Nigeria.
He added that in 2016 the Exchange conceptualized and developed the Green Bond Product Paper which was adopted by the Debt Management Office (DMO) and the Federal Ministry of Environment in recognition of the needs and urgency for climate finance specifically in Nigeria . essential to combat climate change and its impacts, as enshrined in the Paris Agreement on Climate Change.
According to him, “This effort resulted in the first N10.69 billion or approximately $25.8 million 5-year green bond issuance in 2017 to fund renewable energy development projects.
“This follows the Federal Government of Nigeria’s ratification of the Paris Climate Agreement, which required long-term funding to meet Nigeria’s NDCs in reducing greenhouse gas emissions.”
He added that the exchange, in partnership with internationally recognized organizations such as the IFC, aims to share valuable green finance experiences and best practices, and to support government, policymakers, regulators and financial market participants in creating sustainable financial markets . To promote the development of the regions. , national and international think tanks, investors and other market parties.
He said the exchange’s management is committed to promoting the development of long-term financial solutions that take into account the financial risks and opportunities of climate change.
Kalim Shah, Senior Country Manager, IFC, said the company is partnering with NGX on large-scale capital markets and sustainable finance products in the country.
He referred to the MoU signed with Target Exchange to facilitate knowledge sharing with capital market stakeholders on green social media and sustainability.
He revealed that since 2010, IFC has invested more than $10 billion in green bonds worldwide across 178 bonds in 20 currencies.
Dr. Iniyobong Abiola-Awe, Director of the Climate Change Department of the Federal Ministry of the Environment, representing the Honorable Environment Minister Muhammad Abdullahi, reiterated President Muhammadu Buhari’s commitment to reach net zero emissions by 2060.
He called on market participants to come up with innovative ways to finance large green bond projects to tackle climate change in the country.