On September 29, 2024, stakeholders including government officials, experts, and Civil Society Organisations (CSOs) convened at the Renewable Energy and Energy Efficiency Association (Alliance) REEEA-A conference themed 'Road to Net Zero: Actionable Initiatives for Success.' During the conference, Magnus Onuoha, President of REEEA-A, highlighted the Alliance's achievements over the past five years, which include the standardization of energy efficiency measures and regulatory support for both public and private sectors. Access Bank was recognized for its sponsorship and commitment to sustainability, with Dr. Gregory Jobome emphasizing the bank's shift towards eco-friendly initiatives through the Sustainable Finance Accelerator Program. This initiative aligns with Nigeria's broader goals of transitioning to renewable energy sources, as stressed by Minister of Power Adebayo Adelabu, who was represented by Owolabi Sunday [8b10646d].
The recent accreditation of the Development Bank of Nigeria (DBN) as the first Direct Access Entity (DAE) in Nigeria to the Green Climate Fund (GCF) further complements these efforts. This accreditation is expected to unlock finance for Nigeria's green economy, addressing the country's climate financing gap of US$20.5 billion per annum. The DBN has a strong track record of channelling resources through loans and guarantees, having disbursed over N933 billion in loans. With its new accreditation, the DBN can now receive project funds on behalf of Nigeria, streamlining processes and reducing transactional costs. This development is seen as a significant step towards reducing Nigeria's reliance on oil and contributing to global decarbonisation efforts. The DBN provides loans to Micro, Small, and Medium Enterprises (MSMEs) involved in productive enterprises across Nigerian communities, offering flexible repayment terms and market-conforming interest rates [137469ef].
Dr. Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), has also called on capital market stakeholders to harness the potential of sustainable finance to build a green climate-resilient economy. He emphasized the SEC's role in promoting sustainable finance initiatives, including the issuance of sovereign green bonds by the Federal Government and the approval of green bond issues by North South Power Services Ltd and Access Bank Plc. The SEC, in collaboration with the African Development Bank Group, organized a workshop on Green Finance to further promote understanding and funding of environmentally friendly projects. Dr. Agama stressed the importance of transitioning to a green economy for Nigeria's sustainable development and urged stakeholders to direct financial flows towards sustainable and climate-friendly solutions [95acf0e4].