Salako Urges Holistic Approach to Climate Change at Inter-Ministerial Meeting

By Faridat Salifu

During the Inter-Ministerial Committee on Climate Change Meeting/Green Bond Program convened from the 21st to the 22nd of February 2024 in Abuja, Dr. Iziaq Adekunle Salako, Nigeria’s Minister of State for Environment, underscored the imperative of perceiving climate change not merely as an environmental issue but as a pivotal developmental concern with profound economic and social ramifications.

In his address to the participants, Minister Salako emphasized the gravity of the economic, social, and ecological hurdles confronting the nation, advocating for concerted efforts in addressing these challenges.

Furthermore, he highlighted the significance of the Green Bond initiative in shaping Nigeria’s transition towards a low-carbon trajectory and urged collaborative endeavors among stakeholders to ensure the success of forthcoming Green Bond ventures.

Salako accentuated the pivotal role of stakeholders in resource allocation and utilization, particularly in formulating the green bond budget for the imminent third issuance.

He lauded key stakeholders, including the Debt Management Office, Budget Office of the Federation, and the Office of the Accountant General, for their pivotal contributions to the Green Bond Program, while also acknowledging the financial support extended by the World Bank through the ACReSAL project.

Concurrently, Mahmud Adam Kambari, the Permanent Secretary of the Federal Ministry of Environment, underscored the positive impact of previous Sovereign Green Bond issuances, totaling NGN25.69 billion, in financing projects across critical sectors such as Environment, Energy, Agriculture, Transport, and Water.

These initiatives have yielded tangible environmental benefits, encompassing renewable energy production, afforestation/reforestation initiatives, and substantial reductions in carbon dioxide emissions.

Kambari expressed gratitude to the World Bank for its support through the ACReSAL Project and called upon all relevant stakeholders to actively participate in realizing the objectives outlined in the meeting.

Nigeria’s pioneering status in Africa as the issuer of a Sovereign Green Bond, coupled with its certification as the inaugural Sovereign Green Bond hub utilizing the Climate Bonds Standard, serves as a testament to the country’s unwavering commitment to sustainable development and climate action.