From Magnus Eze, Abuja
The Federal Government has reaffirmed its commitment to implementing the Green Initiative, saying it will soon float Sovereign National Green Bonds. Green Bonds are debt instruments tied to environmental projects to address climate change.
Minister of Labour and Employment, Senator Chris Ngige, stated this while responding to the report of the Chairperson and Director General of the International Labour Organisation (ILO) at the ongoing 106th International Labour Conference in Geneva Switzerland.
He said that Nigeria as a signatory to the Paris Agreement shall continue to contribute to the implementation of the initiative, noting that the adverse effects of climate change can be felt everywhere in the ecosystem as manifested in the difficulties associated with the generation of sustainable income, employment opportunities, eradication of poverty and promotion of better livelihood for the citizenry.
“The Federal Government has also taken major steps by putting in place huge investments in the development of infrastructure targeting solar, wind and hydro as cleaner sources of energy. In addition, a Sovereign National Green Bond aimed at raising special funds from the capital market that would be used for green projects, especially renewable energy as well as afforestation projects, which would help reduce emissions in line with National Determined Contributions, would soon be launched,” he said.
Ngige disclosed that even before the Paris Agreement of 2015, Nigeria had initiated several measures to tackle the challenges of climate change by developing road map to stop gas flaring in the country by the year 2020 as well as putting in place accelerated actions to reduce desertification through the National Agency for Great Green Wall.
Machinery was also put in place to tackle flooding and cleaning up of oil pollution in the Niger Delta region.
Acting President, Yemi Osinbajo, had in February, during the Green Bonds Capital Market and Investors Conference organised by the Federal Ministry of Environment and the Debt Management Office (DMO) at the Nigerian Stock Exchange (NSE) House in Lagos, said the bond will be inaugurated in April.