Lagos To Roll Out Green Bond To Mitigate Climate Change Impacts

The Lagos State government has announced plans to roll out a twenty billion naira green bond as parts of it’s efforts to mitigate the impact of climate change.

This is in addition to partnering the private sector, development partners and donor organizations, to find solutions and ways to better adapt to climate impact and ensure an emission free Lagos by 2050.

Governor Babajide Sanwo-Olu made this known at the 9th edition of the Lagos State Climate Change Summit with the theme: “Integrating Climate Actions in Lagos State Development: investment Opportunities and Trade-offs”

Represented by the Deputy Governor, Dr Obafemi Hamzat, Governor Sanwo-Olu who pointed out that the State had continued to tackle climate change issues by thinking globally and acting locally, assured that despite the economic cost, his administration would not only mitigate, but also encourage actions and climate change adaptation to create a more resilient Lagos.

“We have recognized that inaction in the face of the devastating impact of Climate Change is not an option. No one will be left untouched. Even worse is the impact on the most vulnerable among us: Women, Children Persons living with Disabilities, the poor. These categories of people are bound to disproportionately bear the brunt of extreme weather events.

The Lagos State Government, under my watch, is in constant discussion with the private sector, development partners and donor organizations, to find solutions and ways to better adapt to climate impact, with special emphasis on protecting women, children and people with disabilities. This Conference is one of the many manifestations of our keenness to engage and collaborate” he stated

In an address of welcome, the Commissioner for the Environment and Water Resources, Mr. Tunji Bello revealed that Lagos had developed and commenced the implementation of her Climate Action Plan highlighting 26 initiatives across adaptation and mitigation actions to advance a sustainable low carbon economy in the quest to achieve net zero by Year 2050.

According to Mr Tunji Bello, Lagos State is also at an advance stage of completing work on the Lagos Climate Adaptation and Resilient Plan in preparation for the forthcoming Conference of Parties 27 (COP 27) holding in Egypt in November and the document will project Lagos’s need on the adaptation level and also serves as one of the bargaining document for collaboration and support from International Donor Agencies and investors.

“The Climate Action Plan has opened a new frontier of funding opportunities for adaptation projects in the State, even as the Ministry of the Environment and Water Resources signed up to the £15m UKAID Climate action implementation Programme, which will support cities to accelerate implementation from their Climate Action Plans (CAPs). In a short while, Lagos will be benefitting from this fund in the Energy and Waste Sectors.
Climate Actions require significant investments and it is also a known fact that the economic cost of Climate Change far exceeds the cost of action. That is why the Ministry is forward looking with her collaborative efforts with the private sector in order to maximise the inherent benefits of climate action” he said.

Discussants at the event commended Lagos State government for taking action on Climate change and expressed optimism that the summit would open more ways for stakeholders to mitigate its impact in the coastal state

The two day Summit is aimed at accelerating the green economy of the state by discussing practical ways of implementing Climate Action Plans.

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