Nigeria will issue a green bond of up to 15 billion naira ($49 million) to fund environmental projects, the country’s debt office said on Monday.

The government had previously said it was planning a bond programme for environmental projects as part of its move to align with a global push to expand the market for finance to fight climate change.

Nigeria issued a maiden 10.69 billion naira green bond with a five-year tenor in 2017 to fund projects to develop renewable energy. The statement did not specify the planned tenor of the new bond.

The Debt Management Office (DMO) on Monday said the second issuance was part of a bid to cut greenhouse gas emissions by 20% by 2030.

“Eligible green projects can be classified under three themes within the green bond framework, namely renewable energy, afforestation, and transportation,” it said in a statement.

It said it would hold roadshows in Lagos and Abuja on Monday and Tuesday.

The debt office said it was working on the offer with Chapel Hill Denham Advisory Limited, Capital Assets Limited, Rand Merchant Bank Nigeria Limited, and Stanbic IBTC Capital Limited.

Source: Reuters