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FG Earmarks N60bn To Tackle Carbon Emission

By George George Idowu

In an effort to achieve net- zero gas emission target in 2060, the Federal Government on Wednesday, disclosed that it has set aside the sum of N60 billion to tackle gas emission across the country in the ongoing fiscal year.

The Minister of State for the Environment, Iziaq Salako made the disclosure during the Inter-Ministerial Committee on Climate Change Meeting (ICCC) on the Green Bond Programme held at the Federal Capital Territory (FCT), Abuja.

Speaking on carbon sink challenge in the country, Salako explained that the federal government is ready and committed to attainment of net-zero emissions goal by 2060 which commenced in 2021 by the government.

The minister emphasized the significant implications of government commitment , highlighting the imperative for continual and effective implementation of the Green Bond Programme to support the nation’s green capital projects.

He 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.”

Salako stressed that the success of the third issuance hinges on stakeholder collaboration and adherence to proper procedures, particularly in developing green budget items.

He emphasized the need for efficient resource allocation and utilization for priority projects, especially those earmarked for Sovereign Green Bond Issuance.

The minister highlighted the multifaceted nature of climate change as a developmental issue with far-reaching economic and social consequences, the minister urged a comprehensive understanding of the challenges at hand.

He explained the integral role of Green Bond issuance in Nigeria’s climate strategy and called for mutual learning and cooperation as the nation navigates its low-carbon pathway.

The Permanent Secretary Ministry of Environment, Mahmud Kambari, corroborated the minister’s explanations and commend the successful funding of projects across key sectors through the Sovereign Green Bond.

He outlined the environmental benefits derived from bond proceeds and underscored the need to address implementation challenges encountered in previous issuances to ensure the effectiveness of future initiatives.


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