To Enhance Inexperienced Financing, Expertise Switch, And Sustainable Growth
The Lagos State, by means of the Workplace of Particular Adviser on Local weather Change and Round Financial system (OCCE) ( taken a big step towards advancing sustainable improvement by signing an Expression of Curiosity (EoI) to companion with the EU-Africa Chamber of Commerce (EUACC) ( COP29 in Baku, Azerbaijan. This strategic partnership goals to unlock local weather financing, foster expertise switch, and promote inexperienced financial progress in Lagos State, aligning with the imaginative and prescient of His Excellency, Governor Babajide Sanwo-Olu, to place Lagos as a sustainable and resilient mega metropolis.
The EoI outlines a shared dedication to fostering collaboration on tasks aligned with UNFCCC Articles 6.2 and 6.4ER targets, selling carbon offset goals, and driving Financial, Environmental, Social, and Governance (EESG) compliance and round financial system rules. The partnership will give attention to bankable, de-risked sustainable tasks that advance Lagos State’s place as a world chief in local weather motion.
The Lagos State OCCE by means of the Ministry of Financial Planning and Finances, plans to formalize the partnership by means of a Memorandum of Understanding (MoU). The MoU will define cooperation on inexperienced financing, expertise switch, and sustainable improvement, strengthening the partnership and driving impactful outcomes. With its strategic place inside the planning and funds ministry, OCCE is positioned to champion the financial case for environmental sustainability, integrating it into the state’s monetary planning. This ensures that environmental sustainability is a core element relatively than an add-on of the state’s monetary choice making throughout all ministries.
Talking on the signing ceremony on the COP29 Local weather Innovation Zone, Mrs. Titilayo Oshodi, Particular Adviser on Local weather Change and Round Financial system for Lagos State, emphasised the significance of the partnership: “This collaboration with the EU-Africa Chamber of Commerce is a key step in advancing our imaginative and prescient for a sustainable future in Lagos. With the EUACC’s intensive community and experience, we’re higher geared up to speed up the deployment of revolutionary local weather options, place Lagos as a world chief in sustainable improvement, and entice significant inexperienced investments. Our participation in COP29 has been transformative, strengthening our place as a frontrunner in international local weather motion by forging strategic partnerships and showcasing Lagos’ pioneering tasks.”
The partnership is ready to ship key outcomes, together with enhanced entry to local weather finance by means of inexperienced bonds and concessional funding, market promotion of Lagos State’s Article 6-compliant tasks, and attracting funding for clear expertise and sustainable infrastructure improvement. It additionally aligns with the continuing strategic partnership between the OCCE, Entry Financial institution ( main African monetary establishment with operations throughout Africa, the UK, Europe, and Asia and Carbonivity ( a number one carbon asset improvement agency, to speed up local weather funding initiatives for Lagos State.
“We’re thrilled to companion with the Workplace of Local weather Change and Round Financial system (OCCE). Lagos State is setting a exceptional instance for Africa in its daring dedication to local weather motion and sustainability”- Sonia Toro, Government Director of the EU-Africa Chamber of Commerce (EUACC). “Collectively, we’ll leverage our collective strengths to drive transformative inexperienced tasks, unlock funding alternatives, and place Lagos as a world chief in sustainable improvement.”
Dr. Adebola Odunusi, CEO of Carbonivity, OCCE’s carbon asset improvement companion, remarked, “The tasks championed by OCCE reveal how African cities can prepared the ground in inexperienced financial transformation, local weather innovation and adaptation, leveraging ESG-compliance and UNFCCC Articles 6.4ER/6.2 methodologies.” Additionally highlighting that with the backing of sturdy partnerships as demonstrated by the ecosystem with EUACC and Entry Financial institution PLC, Lagos is well-positioned to ship measurable enhancements in local weather adaptation and inexperienced financial outcomes.”
Nele Lahrmann – Muniru, Head of Accra Workplace EUACC, commented, “If Lagos efficiently scales its local weather motion packages, it might function a mannequin for sustainable and resilient round economies throughout Africa. With a give attention to creating sturdy incentives for residents and together with local weather programming strategically into the state’s funds, it might grow to be a blueprint for the best way to make local weather motion and the round financial system work for Africa. Dedicated to innovation and sensible options for Africa’s improvement, the EU-Africa Chamber of Commerce appears ahead to supporting these initiatives in Lagos and past.”
The signing of the Expression of Curiosity with EU-Africa Chamber of Commerce and different engagements throughout COP29 replicate Lagos State’s dedication to fostering strategic partnerships that align with international finest practices in sustainability, delivering tangible advantages for its residents, and supporting the state’s transition to a inexperienced financial system.
Throughout COP29, the OCCE additionally hosted its Eco-Innovation Deal Room, a showcase of investment-ready tasks in Lagos for stakeholders and potential companions. The session acquired vital curiosity and participation from worldwide traders and strategic companions, underscoring Lagos State’s position as a strategic stakeholder within the international inexperienced financial system. A number of the members on the Lagos state deal room included representatives Indorama Ventures, Earthday.org, Elemental Energies, UN Local weather Champions amongst others.
The Workplace of the Particular Adviser on Local weather Change and Round Financial system (OCCE), Lagos State, is on the forefront of local weather motion and inexperienced financial improvement. The OCCE leverages revolutionary financing, strategic partnerships, and sustainable improvement tasks to handle local weather adaptation challenges and drive inexperienced financial progress in Lagos State.
Distributed by APO Group on behalf of Workplace of Local weather Change&Round Financial system, Lagos State Authorities.
