Nigeria needs $142m to tackle global warming

Nigeria needs 142 million US dollars between now and 2030 to finance its Intended Nationally Determined Commitment (INDC) toward reducing emission and low carbon for improved environment. 

This is contained in a statement by the Special Assistant to the Minister of Environment on Communications, Ms Esther Agbarakwe on Saturday, after a stakeholders’ Consultation on pilot issuance of Green bonds in Nigeria. “The resource needed to finance the NDC is put at USD142 million between now and 2030. “The forum is part of a continuing collaboration between the Ministry of Environment and the Ministry of Finance to explore and develop a product that can leverage and channel resources towards viable Green projects. “Also, it can contribute to the achievement of the nation’s development objectives,’’ Agbarakwe quoted Amina Mohmmed as saying. She said the issuance of green bonds, which had grown from 3 billion dollars per annum since 2012 to an estimated 00 billion dollars for 2016, presented a viable option. The special assistant also recalled that in May, the minister was presented with a proposal by the Nigerian Stock Exchange (NSE) in Lagos on the issuance of green bonds in Nigeria. Agbarakwe explained that thereafter several consultations with NSE, SEC and UNEP had been held to critically look into the potential of financing Nigeria’s INDC implementation through green bonds and other muti-laterals funding mechanisms. “Green bonds have been the subject of increasing government, investor and media interest and expectations, driven by the prospect of matching large low‑carbon investment requirements with the trillions of dollars in global bond markets held by institutional investors,’’ she said. Agbarakwe said participants at forum were drawn from Federal Ministries of Finance, Budget and National Planning, Trade and Investment, Nigerian Stock Exchange (NSE), Debt Management Office (DMO), and Central Bank of Nigeria (CBN). Other, she said were Securities and Exchange Commission (SEC), National Assembly, Africa Finance Corporation, World Bank, UNEP, UNDP, McKingsey and Company, Chapel Hill Denham, Stanbic IBTC, DFID/NIAF and other private sector representatives.