Climate Change: Nigeria Commits N60bn in 2024 to Reach Net Zero Gas Emission

Nigeria’s Federal Government has  committed N60 billion in 2024 to ensure that the planned  cutting  of emissions to net zero by 2060 is achieved.

Minister of State Environment, Dr. Iziak Salako, announced this Wednesday in Abuja, at the Inter-Ministerial Committee on Climate Change Meeting (ICCC) on Green Bond Programme.

The minister recalled how in 2021, Nigeria pledged its commitment to a Net-Zero goal by 2060.

He noted that this has  come with a huge implication of the need for continuous and successful implementation of the Green Bond Programme for the country’s green capital projects.

Salako said: “Following the successful issuances of N25.69bn in the maiden and second issuances, we have agreed to an incremental year to year issuances from 2024 to 2027 starting with a larger sized issuance of N60 billion in 2024 for the implementation of green projects that can contribute significantly to the country’s low emission target.

“It is worth noting that the third issuance is dependent on the collaboration of stakeholders doing the right thing especially as relate to developing the green budget items some of you will presenting today for consideration. We must ensure the efficiency of resource allocation and utilization to priority projects, especially the green Projects for Sovereign Green Bond Issuance.”

He noted that climate change is not just an environmental issue. It is a developmental issue, which has enormous economic and social consequences.

He said: “We need to understand the magnitude of the economic, social and ecological challenges that confront us. The Green Bond issuance has become part of our climate experience. It is in this regard that we shall continue to draw strength and lessons from one another as we proceed in the nation’s low-carbon pathway through the Green Bond process.”

The Permanent Secretary, Ministry of Environment, Mahmud Kambari in his part said the successful maiden and follow-up issuances of the Sovereign Green Bond to the tune of NGN25.69bn have funded projects across five priority sectors of Environment, Energy, Agriculture, Transport and Water.

He noted that the  projects funded from the proceeds of the bond provided clear and quantifiable environmental benefits including 12.5W of Renewable Energy generation, over 2,000ha of afforestation/reforestation programmes and an estimated emission reduction potential of 33,504 tonnes of carbon dioxide equivalent per annum.

He however said “there have been some challenges militating against the effective implementation of the Green Bonds. These are issues related to the delay and non-implementation of some projects under the second issuance by benefitting MDAs and must not repeat themselves as we engage in the preparation of the 3rd Sovereign Green Bond Issuance.”