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February 22, 2024

Climate change: N60bn committed to execute Green Projects in 2024 – FG

Climate change: N60bn committed to execute Green Projects in 2024 – FG

The federal government said a sum of N60 billion has been allocated for the execution of Green Projects in the 2024 budget.

The Minister of State for Environment, Dr Iziak Salako, disclosed this at the Inter-Ministerial Committee on Climate Change Meeting on the Green Bond Programme in Abuja on Wednesday.

Salako said the funding would be realised from the third issuance of the Sovereign Green Bond.

The Green Project is aimed at cutting emissions to meet the Net Zero target by 2060.

The minister recalled how, in 2021, Nigeria pledged its commitment to a Net-Zero goal by 2060.

According to the minister, this comes 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 said, “Following the successful issuances of N25.69bn in the maiden and second issuances, we have agreed to an incremental year-to-year issuance from 2024 to 2027, starting with a larger sized issuance of N60 billion in 2024 for the implementation of green projects that can contribute significantly to the country’s low emission target.”