In a bid to mobilise more financial inflow for environmental sustainability, the federal government is imploring innovative financing mechanisms, such as Green Bonds, Carbon Pricing, and Public-Private Partnerships.
The minister of environment, Balarabe Abbas Lawal, stated this at the 17th Meeting of the National Council on Environment, themed: “Environment Financing: Need to mobilise more financial inflows for generating adequate resources in support of environmental sustainability efforts”, in Abuja.
Green bonds are a type of fixed-income investment used to fund projects with a positive environmental impact while carbon pricing is a market- based strategy for lowering global warming emissions.
Lawal said the mechanism will help in generating the resources needed for effective environmental protection and conservation efforts.
“Mobilising more financial inflow for environmental sustainability is essential because it allows for the allocation of resources towards projects and initiatives aimed at protecting and preserving the environment.
“As we are all aware, environment financing is capital intensive, to mobilise more financial inflow for environmental sustainability there is the need to implore innovative financing mechanisms, such as Green Bonds, Carbon Pricing, and Public-Private Partnerships,” he said.
Speaking further, the minister noted the impact of climate change on the ecosystems, livelihoods, and biodiversity while calling for swift and decisive actions to mitigate the adverse effects. He said “We must redouble our efforts to mitigate greenhouse gas emissions, embrace renewable energy solutions, and foster sustainable practices across all sectors. As guardians of biodiversity, we must safeguard our precious ecosystems from degradation and exploitation. Protecting our forests, wetlands, and marine habitats is not merely an environmental imperative but a moral obligation to preserve the rich tapestry of life onEarth.
