16 April 2018

Nigeria: Govt Highlights Benefits of N10.7bn Green Bond

The Minister of State for Environment, Ibrahim Usman Jibril, has said the issuance of the N10.69 billion Green Bond by the Federal Government of Nigeria has clear linkages between the nationally determined contributions (NDCs) and Nigeria's Economic Recovery and Growth Plan (ERGP).

NDCs reflect Nigeria's commitment to the Conference of the Parties (COPs) of the United Nations Framework Convention on Climate Change (UNFCCC) in reducing the impact of climate change.

The minister stated this at the 10th Africa Carbon Forum (ACF) in Nairobi Kenyarecently, where he participated in the high level segment that discussed progress of individual nation's efforts to meet commitments in the Paris agreement.

The ACF is part of activities organised for the Africa Climate Week (ACW) between April 9-14, 2018. Jibril participated in two sessions, one organised by UNFCCC for participating ministers to discuss progress on the NDCs and the second session organised by the World Bank where participants discussed climate finance and the steps to its application in achieving Article 2 of the Paris agreement in redirecting finance flows toward low greenhouse gas emission and climate resilient interventions.

Sharing the ministry's experience in the issuance of the first sovereign green bond in Africa, Jubril said: "The issuance of the N10.69 billion green bond has demonstrated clear linkages between the NDCs and Nigeria's ERGP). This is enabling us build partnerships across government, private sector and the development partners to ensure we make progress towards the achievement of the objectives of Article 2 & 6 of the Paris Agreement."

The theme of this year's ACW, according to a statement was: "Climate Action for Sustainable Development: Driving Change in Africa." The Minister was accompanied to the event by Senior Technical Assistant, Mallam Murtala Idrisou, Adviser on Climate Finance, Mr. Obi Ugochuku.

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