Gov. Akinwunmi Ambode of Lagos State on Thursday, June 7, 2018 called for collaboration to reverse the negative effects of climate change to preserve humanity and save future generations from jeopardy.

Ambode, represented by the Deputy Governor, Dr Idiat Adebule, made the call at the launching of the Nigerian Green Bond Market Development Programme, organised by FMDQ OTC Securities Exchange.

The programme was in partnership with Financial Sector Deepening Africa (FSD Africa) and Climate Bonds Initiative, in Lagos.

He said the Green/Climate Bond Initiative was one of the initiatives developed to address the problems of climate change and make the planet safer for humans.

“The greatest threat to the sustainability of the planet earth is the negative effect of climate change and if nothing meaningful is done to reverse the trend, the existence of future generations will be in jeopardy.

“In the quest to save planet earth and preserve humanity, various initiatives, such as the ‘Green/Climate Bond’ initiative have been developed to address the problems of climate change.

“The initiative being launched today is one of the world fastest economic power house in West Africa and it is a window opportunity for financing of developmental projects that promote healthy and sustainable environment to make our cities livable.

“As we are aware, Lagos State is susceptible to the negative effects of climate change; we are also aware of its status and negative impact on the overall well-being and prosperity of present and future generations,’’ he said.

“This is why the state government has been in the forefront of the campaign to make the environment healthy and sustainable via implementation of eco-friendly policies and programmes.

“As a government, we will take advantage of the profitable investment opportunities and benefits presented in the Green Bond Initiative.

“We will partner with both local and foreign investors for the execution of climate friendly projects which will impact positively on the well-being and prosperity of our people.’’

Mr Joseph Okwu Nnanna, Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN), said the green bond programme would pave way for development of the renewable energy sector which had huge prospects in Nigeria.

He said the green bond programme, if well-articulated and implemented, would unlock the potential of the Nigerian renewable energy sector.

“There is the need to seriously consider the option of developing the country’s renewable energy resource as Nigeria is blessed with abundant renewable resources.

“These resources range from adequate sunlight for solar power, vast land for agriculture to support bio-fuels, water, and many more.

“We cannot afford to fold our arms and watch other countries develop their renewable energy resources only to import such resources from them later.

“We must avoid the mistakes of the past in the development of our renewable energy sector and the time to start is now,’’ Nnanna said.

“We also need to develop a sustainable capital to fund this sector, this is where the green bond market development programme comes in to create an effective market for green financing with appropriate instruments to energise investment and growth of the sector.

“The CBN will continue to work tirelessly to create the enabling environment for the sustainability of the Nigerian financial system needed for the successful implementation of Nigerian Bond programme.’’

Contributing, Mr Tajudeen Yusuf, Chairman, House Committee on Capital Market and Institutions, said the initiative was an innovative idea to empower the financial market in support of the Nigerian economy.

“The National Assembly has realised that there is nowhere in the world where you will find an economy providing support that is required for the citizenry without a capital market, deepened and strategically positioned to provide the missing link.

“The growth of Dubai that we have today was made possible because the capital market played a major role in the transition. I’m glad our capital market is keying into this initiative,’’ Yusuf said.

In her presentation, entitled “The Rise of Green Bonds – Global Trends and the Opportunity for Nigeria’’, Mrs Justine Leigh-Bells, Director, Market Development, Climate Bonds Initiative, said there was the need for the collaboration of stakeholders in the capital market to drive the Climate Bond Initiative in Nigeria.

She said that such collaboration would make the nation’s economy prosper.

“The issue with climate change is a global economic issue as every country in the world, Nigeria inclusive, is going through one form of climate change problem or the other.

“The Green Bond Initiative is a high investment product that all stakeholders should be a part of.

“What we need to do is to bridge structures that will allow private investors to manage risk and understand that it is about jobs, growth and liveable cities,’’ she said.

By Lucy Osuizigbo and Chinyere Joel-Nwokeoma

Governor of the Upper River Region (URR) in the Gambia, Fatou Jammeh Touray, has reiterated that her office is committed to ensuring that the environment is clean and being protected from any form of emission particularly from substances produced from domestic and local industrial activities especially from cooling systems. She noted that the Government of the Gambia has environment on top of her development agenda and would endeavour to sustainably improve the environment for all.

She made these remarks during the opening ceremony of a four-day training workshop organised by the National Environment Agency (NEA) for refrigeration and air conditioning technicians on the handling of refrigerants, flammability and safety, held at the Basse Area Council chambers, URR. She enjoined the participants to be professional with their job and be cautious in handling flammables refrigerants that are substitute to gaseous ozone depleting substance (ODS).

“It is therefore important for you to actively participate in this capacity building training where you will discover new skills and innovations which will serve you in your profession as technicians.  Try to share the new ideas you are going to discover with those that could not have the opportunity to attend,” she pointed out.

Delivering the governor’s speech on her behalf, Momodou Billo Jallow, the region’s Population Officer, posited that technicians are very important players in the phasing out of ODS and refrigerants that contribute to the warming of the earth, so they must therefore collaborate to get rid of such substances that will not only destroy the environment but threaten man’s very existence.

In his opening statement, the Director of Administration and Finance at the NEA, revealed that the training workshop came at a time when the refrigeration and air conditioning subsectors are experiencing a lot of transformation in terms of technology and the introduction of new refrigerants in a bid to replacing the ones that are ozone depleting, which are potent greenhouse gases that contribute to the warming of the earth.

Gases like Hydro-Chloro-Fluoro-Carbons (HCFC) and Hydro Fluoro-Carbons (HFC) like refrigerant 22 and HFCs used mainly in air conditioning systems and fish processing factories do not only deplete the Ozone layer but contribute to global warming consequences of which are currently being experienced in the form of heat waves, extreme cold seasons as in Europe and other parts of the world, sea level rise resulting to coastal erosion and inundation, to name but a few.

Muhammed Denton called for concerted effort in curbing negative practices in refrigeration management.

“All of us here present have a role to play in reducing the production and consumption of such refrigerants threatening our survival and our very existence on earth. As technicians and major stakeholders in the servicing sector, you should encourage end-users to convert to Ozone friendly refrigerants like R290 which is now available in our markets and can be used in our air conditioning systems. Importers also need to support us by importing such alternatives to gradually phase out the said refrigerants. This will ensure our compliance to the Montreal protocol obligations on substances that deplete the Ozone Layer,” he said.

He posited, as Article Five parties, Gambia needed to adjust to the compliance requirements of the international agreements like the Vienna Convention and the Montreal protocol on substances that deplete the Ozone Layer, whilst being committed in ensuring that new technologies are adopted for a cleaner environment.

This, he said, is a challenge all Gambians have to face and, with the usual political support from the Government of the Gambia and donor partners like the United Nations Environment Programme (UNEP), United Nations Industrial Development Organization (UNIDO) and Global Environment Facility (GEF), there is assurance of compliance as article five countries.

He said that is why the training and the ones to come would concentrate more on safety and how to handle such refrigerants because one currently used in the market are flammables. He concluded by commending UNIDO for providing funds to conduct the training and many more to come.

According to the agency’s ODS officer, Alhagie Sarr, the objectives of the training is to identify technology needs, country-specific barriers and requirements for the application of such technologies, formulation of a roadmap to promote green cooling and inter regional technology transfer. Adding on, he said it is also to promote natural refrigerants including carbon dioxide, ammonia and hydrocarbon technology and to share information on low global warming technologies.

By Sheikh Alkinky Sanyang