The Green Climate Fund is a fund established within the framework of the UNFCCC as an operating entity of the Financial Mechanism to assist developing countries in adaptation and mitigation practices to counter climate change

Since 2019, the French government has contributed more than €1.5 billion to the Green Climate Fund.

The signing ceremony took place at the French Embassy in Abuja, with the French Ambassador to Nigeria and ECOWAS serving as the primary sponsors.

BOI and AFD recognize the importance of incorporating climate finance into BOI’s strategy and operations, according to AFD.

“Therefore, the grant agreement sets up a technical assistance scheme for BoI.” The objective is to build the capacity of BoI, thereby providing tools for the effective identification and development of eligible bankable climate-related projects, as well as improving the readiness of the bank’s customers to implement green practices in their operations.

“In this context, the implementation of the environment and social governance framework provided for in the credit agreement will be an important part of the technical assistant’s mandate.”

“Given the serious threat that climate change poses to equitable and sustainable development in Nigeria, it is critical for us at BOI to take the lead in mobilizing capital for green and sustainable investment. In addition to the line of credit, the € 2.5m Technical Assistance funds will support capacity building for BOI and its customers, thereby enabling the scaling of current efforts by BOI towards climate change mitigation and adaptation. This will contribute significantly to reducing Nigeria’s carbon footprint.

“With specific reference to Gender Equality, the technical assistant will support BOI in the development and implementation of professional gender equality and gender lens investing policies,” said Mr. Olukayode Pitan, Managing Director/Chief Executive Officer, Bank of Industry, at the grant agreement signing ceremony.

“Bearing in mind the Paris Agreement, Mr. Xavier Muron, Country Director for AFD, recognized BoI’s commitment to embed sustainability in its business practices to drive strategic social, economic, and environmental impact in the communities the Bank serves.

“Mr. Pitan acknowledged the dedication of AFD, the GCF, and its strategic partners to ensure a smooth and efficient implementation of this deal.

According to Pitan, “BOI welcomes its partnership with the AFD and GCF as it continues to implement President Muhammadu Buhari’s policies with respect to climate finance.” We commend the professional approach adopted by these partners in delivering this technical assistance package.

We are confident it will enhance BOI and its customers’ capacity and readiness for climate finance. “We believe this is the beginning of a long and mutually beneficial relationship.”

“Meanwhile, Mr. Muron appreciated the strong relationship BoI and AFD have been building and looked forward to further supporting the BoI in its activities towards achieving the SDGs.”

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Nigel Topping was appointed the UK Government$B!G(Bs High Level Climate Champion for COP 26 in January, 2020, to help drive action from businesses, investors, organisations, cities, and regions on climate change and coordinate this work with governments and parties to the United Nations Framework Convention on Climate Change (UNFCCC).

During his visit, he met with top government officials, leading private and financial sector leaders, civil society organisations and climate change activists across Abuja and Lagos, and discussed the opportunities of a green transition, understand the challenges and how to overcome them, as well as advance the UK government$B!G(Bs overall effort to boost climate action in Nigeria.

The visit included a site visit to the Nile University, Abuja, where he engaged with young students on climate ambition and renewable energy; and a tour of two project sites in Lagos – PriVida Project, a UK renewable energy business, founded in 2013 to facilitate renewable technology transfer from developed countries to Africa hereby reducing carbon emissions significantly; and EKO Atlantic, to understand what the Lagos State Government is doing to improve climate resilience, including with support from UK Aid programmes.

Speaking during his visit to Nigeria, UN High Level Champion, Nigel Topping said:

$B!H(BI congratulate Nigeria on its ambitious NDC, the Energy Transition Plan presented at COP26 last November and the subsequent passing of the Climate Change Act. Implementation of these policies are now key.

$B!H(BThe mobilisation of both State and non-State actors – including businesses, academia and civil society – is essential to improve the investment climate of Nigeria so that the country can in turn attract the right investments that will accelerate the transition into a low-carbon and resilient economy.$B!I(B

The British Deputy High Commissioner in Lagos, Ben Llewellyn-Jones OBE said:

$B!H(BWith the UK as the current Presidency of COP and following the historic COP26 event held in Glasgow last November, and ahead of COP27 in Egypt later this year, it was important for us to have Nigel Topping here in Nigeria. His visit is a timely reminder for all of us about how hard the UK is continuing to work around the world with our partners, like Nigeria, to ensure that every effort is made to deliver on and bring in to effect the commitments made by us, by Nigeria and buy the rest of the world to tackle Climate Change.$B!I(B

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