Climate Change: Nigeria Commits N60bn By 2024 To Achieve Net Zero Gas Emissions

The Nigerian government said it has committed N60 billion in 2024 to ensure that gas emissions are reduced to net zero by 2060.
Minister of State Environment, Dr. Iziak Salako, announced this Wednesday in Abuja, at the Inter-Ministerial Committee on Climate Change Meeting (ICCC) on the Green Bond Programme.
The minister recalled how Nigeria pledged in 2021 to achieve a Net-Zero goal by 2060.
He noted that this has come with a huge implication of the need for continuous and successful implementation of the Green Bond Programme for the country’s green capital projects.
Salako stated, “Following the successful issuances of N25.69 billion in the first and second issuances, we have agreed to incremental year-to-year issuances from 2024 to 2027, beginning with a larger issuance of N60 billion in 2024 for the implementation of green projects that can significantly contribute to the country’s low emission target.”
“It is worth noting that the third issuance is dependent on the collaboration of stakeholders doing the right thing especially as related to developing the green budget items some of you will present today for consideration. We must ensure the efficiency of resource allocation and utilization to priority projects, especially the green Projects for Sovereign Green Bond Issuance.”
He noted that climate change is not just an environmental issue. It is a developmental issue, which has enormous economic and social consequences.
He said: “We need to understand the magnitude of the economic, social and ecological challenges that confront us. The Green Bond issuance has become part of our climate experience. It is in this regard that we shall continue to draw strength and lessons from one another as we proceed in the nation’s low-carbon pathway through the Green Bond process.”
Mahmud Kambari, Permanent Secretary, Ministry of Environment, stated that the successful maiden and subsequent issuances of the Sovereign Green Bond totalling NGN25.69 billion have funded projects in five priority sectors: environment, energy, agriculture, transportation, and water.
He noted that the projects funded from the proceeds of the bond provided clear and quantifiable environmental benefits including 12.5W of Renewable Energy generation, over 2,000ha of afforestation/reforestation programmes and an estimated emission reduction potential of 33,504 tonnes of carbon dioxide equivalent per annum.
He however said “there have been some challenges militating against the effective implementation of the Green Bonds. V