The Director-General of the Securities and Exchange Commission (SEC) Nigeria, Dr Emomotimi Agama, has stressed that transitioning to a green economy is crucial for Nigeria’s sustainable development in view of the environmental protection values.
Agama, who made this remark at a capacity-building workshop for capital market operators on green finance organised by the commission in partnership with the African Development Bank (AfDB) in Lagos, maintained that infrastructure and assets would help in reducing carbon emissions and pollution, enhance energy resource efficiency, and prevent the loss of biodiversity and ecosystem services.
Represented at the forum by the commission’s Executive Commissioner, Operations, Mr Bola Ajomale, the Director-General noted that the United Nations Environment Programme (UNEP) defined a green economy as a low-carbon, resource-efficient and socially inclusive economy.
According to him, such economy is where growth in employment and income are driven by public and private investment into such economic activities.
Agama said: “Climate change, as we all know, is one of the major risks threatening the well-being of mankind. Since the Paris Agreement was reached in December 2015, international efforts in combating climate change have gathered enormous momentum.
“According to the IMF, in the past four decades, we have witnessed the warmest years on record and the number of natural disasters more than doubled in that same time frame”, he added.
The investment expert maintained that embracing green finance remained a critical approach to addressing these challenges, as the nation has a significant opportunity to drive positive change by promoting green finance.
He also restated the SEC’s commitment to continue to promote sustainable finance initiatives in the country, adding that the commission’s rules on green bonds have already facilitated a couple of sovereign issues and multiple corporate issues.
The investment expert recalled that the Federal Government, through the Debt Management Office (DMO), had championed this in Africa with the issuance of the first sovereign green bond in December 2017.
