Nigeria Invests N2.6 Billion in Green Initiatives to Combat Climate Change
The Nigerian government has announced a significant investment in reducing the country’s carbon footprint and mitigating climate change. Dr. Iziaq Adekunle Salako, Minister of State for Environment, revealed a N2.69 billion commitment towards 39 projects aimed at sustainability across various sectors.
This initiative is financed through the issuance of two sovereign green bonds. The funds will be directed towards afforestation, renewable energy, transportation improvements, sustainable agricultural practices, and water resource management.
Minister Salako emphasized the government’s dedication to tackling climate change and achieving a sustainable future for Nigerians. He highlighted Nigeria’s ambitious goal of reaching net-zero emissions by 2050.
The 39 projects are expected to make a substantial impact on reducing carbon emissions while contributing to the nation’s economic growth and development. This aligns with Nigeria’s commitments under the Paris Agreement’s Nationally Determined Contributions (NDCs).
“We are resolute in our commitment to confront climate change head-on. This ambitious plan guarantees a sustainable future for generations to come,” declared Minister Salako.
He underscored the importance of collaboration and innovative solutions to address the complexities of climate change. The government seeks to work alongside all stakeholders to achieve the 2050 net-zero target.
“The issuance of the sovereign green bonds worth N2.69 billion serves as a significant step towards attaining our climate goals,” Minister Salako added. “We urge all stakeholders to prioritize innovative solutions and financing mechanisms to support climate governance. Building a future that is not only sustainable and resilient but also just and equitable requires a collective effort.”
Related Posts
The announcement came during a roundtable discussion on climate budgeting and green accountability organized by BudgIT Foundation, a prominent civil society organization. Mr. Gabriel Okeowo, BudgIT Foundation Country Director, explained that the roundtable aims to update stakeholders on Nigeria’s progress towards net-zero emissions and analyze climate change interventions within the country.
The event will also facilitate collaboration between government agencies, climate and energy experts, and civil society organizations. This collaboration is expected to generate valuable insights that will shape climate financing strategies, energy transition policies, and their implementation across Nigeria.
