As the nation plans to inaugurate the first African Sovereign Green Bond to address climate change and a sustainable environment, the Minister of Power, Works and Housing, Mr Babatunde Fashola SAN, has stated the benefits derivable from the project saying it would facilitate a new economy and help the government to source funds to implement its budget, especially in infrastructure development, NTA News reports.
Fielding questions from newsmen after the Green Bonds Capital Market & Investors Conference organised by the Federal Ministry of Environment and the Debt Management Office (DMO) at the Nigerian Stock Exchange (NSE) House in Lagos, Fashola said the fund, which, according to him, would be directed to fighting climate change, would enable government realise its renewable energy projection.
Reiterating that Nigeria was working towards achieving 30 per cent in renewable energy by 2030, the Minister said most of the renewable energy would come from Solar, Biomass and all other forms of sustainable energy sources adding that it would give the country an energy security.
The Minister, who noted that one of the challenges that has stalled development in the country over the years was the lack of sufficient infrastructure spend added, however, that going forward the Green Bond would also help government to source funding to implement its budget. “So, that is how it affects us; it is a source of funding for budget”, he said.