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”.