From left, Bola Adeeko, head, Shared Services Division, Nigerian Stock Exchange - Dr Gregory Jobome – Chief Risk Officer, Access Bank - Suleiman Hassan Zarma, Minister of Environment, Nigeria Kyari Bukar, former chairman of Nigeria Economic Summit Group (NESG) - Chris Dodwell, Ricardo and Ian Callaghan, NDCi Global.
The inaugural Climate Finance Accelerator (CFA) Nigeria came to a close on Friday 25 January in Lagos after a week of discussions between policy makers, project developers and financial sector experts on how to finance the projects needed to deliver on Nigeria’s climate change commitments. The workshop opened by Surv. Suleiman Hassan Zarma, Honourable Minister of Environment for Nigeria, is the first in-country workshop run by the CFA. CFA is an international initiative funded by the UK Government and other international donors, aimed at mobilizing the private sector investment needed to deliver the objectives of the Paris Climate Agreement.
Surv. Suleiman Hassan Zarma commented; “The aim of the event is to attract large scale investments needed to execute the strong portfolio of bankable projects that will be selected during the workshop for which engagements with interested private/financial sectors has been ongoing till date... Implementing the innovative CFA initiative in-country will greatly compliment the government’s concerted efforts at achieving its set targets”
Hans Verolme of the Climate Advisers Network and team leader for the CFA initiative in Nigeria said that “Climate change is already having a serious impact on people’s lives and the Nigerian economy. Nigeria is not just a victim of climate change. It can invest in green business opportunities that create jobs and provide clean power to communities and business. CFA is here to make that a reality.”
Chris Dodwell, Director, Climate Change and Clean Growth at Ricardo said: “we are very excited to be working with the Federal Government and Nigeria’s emerging sustainable finance sector to help projects promoters attract finance at scale for ideas that will transform the economy and deliver their climate change targets.“
‘Laoye Jaieyela, Chief Executive Office of the Nigerian Economic Summit Group said “For about a decade NESG has collaborated with government and private sector to improve the regulatory environment and private sector for better productivity and overall quality of life of Nigerians. The CFA is a step in the right direction to corral projects and build capacity for access to green and sustainable Finance.”
Kyari Bukar, Chairman of the CFA Sessions; Chairman Trans Sahara Investments Corporation said “It has been my passion to support nascent industries from start-ups to scaling proofs of concept. Nigeria is in dire need of well thought out projects that can meet the requirements of traditional banking protocols and the CFA provides a firm footing and a very good start.”
The Climate Finance Accelerator (CFA) is an innovative, international initiative to promote investment in projects and companies that accelerate the transformation to a green economy. The CFA supports investment in projects aligned with the so-called Nationally Determined Contributions (NDCs), national plans to deliver on the Paris Agreement on climate change. To make this development real, a pipeline of bankable projects is needed to attract investment at scale from the private sector.
What makes the CFA unique is its transaction-focused approach. The 22-25 January 2019 workshop in Lagos brought together policymakers, project developers and financial sector experts from banks, private equity investors and development finance institutions, to collaborate on the financing of individual projects that will help deliver low-carbon development.
Projects receiving CFA assistance include solar-powered mini-grids to underserved communities and small and medium-sized businesses, organic waste to energy, micro-hydro power, solar-powered poultry farming, cooking gas from flaring sites, replacing diesel generators with clean renewable energy sources, and local manufacturing of solar PV panels.