Governor Akinwunmi Ambode has described the Climate Change Bond Initiative (CBI) launched in Lagos state on Thursday by some financial institutions as a commendable initiative that would help to fight climate change effect and reduce green house emission, thus creating a room for a healthier and sustainable human environment that is safe
Governor Ambode who gave the assurance at the formal launch of the Nigerian Green Bond Market Development Programme in Lagos by major stakeholders in the financial sector like Access Bank, FMDQ OTC Securities Exchange and the Financial Sector Deepening Africa, stated that the initiative would present profitable investment opportunities to stakeholders and investors who would benefit immensely from the Green Bond Initiative, adding that the result of their investment would help to reduce green house emission and mitigate harsh effect of climate change in the state.
Represented by his deputy, Dr. Oluranti Adebule, Ambode stated that his administration would take maximum advantage of the opportunity embedded in the Green Bond Market to address the challenges of climate change and green house emission, noting such effort would help his government to reverse the current trends and create a healthy and sustainable environment.
The governor while urging government at all levels to work together to fight climate change effect stated that the launch of the Green / Climate Bond in the state has created a dedicated window of opportunities that could help them to finance various development projects that could help to promote a healthy and sustainable environment.
The governor who was optimistic that the new Green /Climate Bond would enhance the execution of projects that would help to mitigate the effect of climate change in the state, stated that the10.69 billion naira Green Bond issued last year by the Federal Government which have recorded high level of success in sustainable environment was a clear indication that Climate Bond investment is a viable option in promoting sustainable growth in the environment
Ambode While stating that his administration has continued to build on the legacies of the past administrations to bring about a healthy and sustainable environment in the last 3 years, noted that his administration’s de-flooding policy is achieving considerable result has this has greatly led to a greater reduction in flooding after torrential rains.
Ambode stated that apart from regular sensitization of the public on the need to promote healthy environment in their communities , his government has continued to implement and sustain various environment friendly programmes like; tree planting, environmental conservation, a forestation , effective waste water management ,inter modal public transportation system, waste to wealth among others just to ensure a very safe and sustainable clean environment, devoid of any degradation.
The governor while calling on stakeholders and investors to invest in the new Climate Bond business, assured that his administration would continue to partner with local and foreign investors for the execution of climate friendly projects which would impact positively on the well being and prosperity of residents of the state.
‘’ investors are assured of business friendly environment, policies and procedures, the Office of Over seas Affairs and Invetment is well positioned and equipped to provide investors with all the support needed to take advantage of business opportunities in Lagos State’’ he stated
In his contribution, Mr Joseph Okwu Nnanna, Deputy Governor, Economic Policy, Central Bank of Nigeria said that the green bond programme would pave the way for development of the renewable energy sector which had huge prospect in Nigeria.
He said that the green bond programme if well articulated and implemented would unlock the potentials of the Nigerian renewable energy sector and put it on a growth tragetary and sustainable places.
”There is the need to seriously consider the option of developing the country’s renewable energy resource as Nigeria is blessed with abundant renewable resources ranging from adequate sunlight for solar power, vast land for agriculture to support bio-fuels, water and many more.
”We cannot afford to fold our arms and watch other countries develop their renewable energy resources only to import such resources from them later.
”We must avoid the mistakes of the past in the development of our renewable energy sector and the time to start is now
”We also need to develop a sustainable capital to fund this sector – this is where the green bond market development programme comes in to create an effective market for green financing with appropriate instruments to energise investment and growth of the sector.
”The CBN will continue to work tirelessly to create the enabling environment for the sustainability of the Nigerian financial system needed for the successful implementation of Nigerian Bond programme, ” he said.
In his remarks, Mr Tajudeen Yusuf, Chairman, House Committee on Capital Market and Institutions said that the initiative was an innovative idea to empower the financial market in support of the Nigerian economy.
”The National Assembly have realised that there is no where in the world where you will find an economy providing support that is required for the citizenry without a capital market, deepened and strategically positioned to provide the missing link.
”The growth of Dubai that we have today was made possible because the capital market played a major role in the transition. I’m glad our capital market is keying into this initiative, ” Yusuf said.
In her presentation entitled – ‘The Rise of Green Bonds- Global Trends and the Opportunity for Nigeria’, Mrs Justine Leigh-Bells, Director, Market Development, Climate Bonds Initiative, said there was the need for the collaboration of stakeholders in the capital market to drive the Climate Bond Initiative in Nigeria.
She said that such collaboration would make the nation’s economy prosper, noting that the issues with climate change is a global economic issue as every country in the world, Nigeria inclusive, is going through one form of climate change problem or the other.
”The Green Bond Initiative is a high investment product that all stakeholders should be a part of; and all we need to do is to bridge structures that will allow private investors to manage risk and understand that it is about jobs, growth and livable cities, ” she said.