- April 25, 2022
- Posted by: Bastion team
- Category: World News
The impact report of the Green Bond Market Development Programme (NGBMDP) shows that the initiatives championed by FMDQ Group and other partners to establish a green bond market in Nigeria are yielding desired results, writes Goddy Egene
After the adoption of the Paris Agreement by 196 countries on 12 December, 2015 many countries began striving to keep to the terms of the agreement. The Paris Agreement calls for keeping the global temperature to 1.5°C above pre-industrial era levels. Nigeria ratified the agreement in 2017. It is estimated that over $60.00 trillion is required to achieve the Paris Agreement from now until 2050.
And the green bond market is a major source of funding required for the shift to a low carbon economy in line with the goals of the Paris Agreement.
Green bonds seek to reduce this pressure on the environment by addressing green-house gas emissions, tackling pollution, minimising waste, and improving efficiency in the use of natural resources.
In order to ensure that Nigeria begins the journey of fulfilling the terms of Paris Agreement after signing in 2017, the Green Bond Market Development Programme (NGBMDP)was launched in June 2018.
The NGBMP was launched after a series of feasibility studies. Consequently, FMDQ Group, Climate Bonds Initiative (CBI) and FSD Africa formalised a partnership through the execution of a three-year Cooperation Agreement to support the…