Environment Minister Mohammad Mahmoud Abubakar
Environment Minister Mohammad Mahmoud Abubakar

Nigeria issues Green Bond for green project, financial flows

Nigeria has already embraced the issuance of Green Bond to raise finance for the implementation of green project, which had helped the Government to fundamentally reorient its financial flows, within the economy, through the greening of the Federal budget and capital market, Dr. Muhammad Mahmood Abubakar, has disclosed.

Mahmood, the Minister of Environment, explained that the issuance of the sovereign green bond would triple the country’s Green House Gas (GHG) emission reductions, stimulate more economic growth and catalyse investment in social programmes.

He spoke in Madrid, during a ‘Ministerial High-Level Segment at the 25th Session of the Conference of Parties (COP25) to the United Nations Framework Convention on Climate Change and Related Meetings’.

The Minister, warned that Nigeria faces grave social, economic and environmental threats consequent to climate due to the country’s dependence on climate-sensitive resources.

“Climate change impacts are already threatening the survival and livelihoods of our people. The devastating loss of range of and crop lands to desertification each year in the northern part of the country, resource use conflicts, loss of forest cover and threatening sea-level rise on the southern part of the country are a stark reminder of our vulnerability to climate change,” he said.

Mahmood, however disclosed that the country is advancing policies and initiatives aimed at addressing significant challenges occasioned by climate change such as reviving the Lake Chad, increasing her forest cover, deploying smart renewable energy solutions, halting and reversing desertification and land degradation.

Others include flooding, ocean surge, gender mainstreaming, as well as engaging the youths in climate governance.

The Environment Minister, urged the COP-25 delegates to expeditiously conclude negotiation on the special needs and circumstances of Africa, and call for the simplification of the guidelines for accessing funds under the Green Climate Fund (GCF), as well as the need for the GCF to remain accountable under the COP.

His words: “The outcome of this Conference must result resolutions of all outstanding issues pertaining to the Paris Agreement Rulebook as carried over from COP-24 to enable its operationalization and strengthening global response to the threat of climate change to ensure a sustainable future for our people and planet”.

By PRNigeria