HomeRegional NewsAfricaIssuance of green bonds tackles climate change in Nigeria

Issuance of green bonds tackles climate change in Nigeria

Speaking at the recent United Nations Climate Action Summit in New York, President Muhammadu Buhari revealed plans by his administration to reverse the negative effects of climate change in the West African country.

According to the Daily Trust, the president underscored Nigeria’s commitment to its obligation under the Paris Agreement to ensure a resilient future that prioritises climate risks in its decision making.

Buhari said Nigeria plans to develop a more robust sectorial action plan and expand the scope of its sovereign green bonds in line with intended upward review of NDC towards the inclusion of the water and waste sectors by 2020.

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In the water sector, the president said the country would issue a green bond for irrigation and construct multi-purpose dams for power, irrigation and water supply.

Furthermore, he said the government will strengthen solid and liquid waste management systems to attract more private sector investors.

Buhari expressed commitment to take concrete steps to harness climate innovative ideas by including youths in decision-making processes as part of over-all climate governance architecture and mobilise Nigerian youths towards planting 25 million trees to enhance Nigeria’s carbon sink.

In the energy sector, the president said the country is diversifying its energy sources from dependence on gas-powered systems to hydro, solar, wind, biomass and nuclear sources.

Buhari highlighted that the country is “specifically” and “progressively” working to realise 30% energy efficiency and renewable energy mix by 2030.

Babalwa Bungane
Babalwa Bungane is the content producer for ESI Africa - Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast.