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| L- R: Honourable Minister of State for Environment, Chief Sharon O. Ikeazor; Chief Executive Officer, Nigerian Exchange Limited (NGX), Mr. Temi Popoola, CFA; Ag Head Business Support Services Division\General Counsel| Head Legal Services (NGX), Mrs. Irene Robinson-Ayanwale and Divisional Head, Trading Business, NGX, Mr. Jude Chiemeka during the Digital Closing Gong held in honour of the Minister as she brings 2021 trading activities to a close, today 31 December, 2021. |
The Minister of State for Environment stated this during the
Digital Closing Gong Ceremony hosted by NGX to mark the end of trading for the
year 2021 on Friday, December 31, 2021.
Ikeazor noted that NGX has played an exemplary role in
Nigeria’s commitment to mitigating the effects of climate change. She added
that climate change is a serious and long-term threat to which “Nigeria has
continued to show commitment to the goals of the Paris Agreement on Climate
Change with our revision of the Nationally Determined Contributions (NDCs)
pre-COP 26 and also the recent accent of the Climate Change by Mr. President which
provides, amongst other things, the mainstreaming of climate changes in the
country and the establishment of Council on Climate Change to be chaired, Mr.
President”.
With the step taken immediately after COP26, Nigeria has
further demonstrated its commitment towards the Paris Agreement on Climate
Change. As part of measures to comply with the National Determined
Contributions (NDC) in emissions reduction to climate change in Nigeria, the
Federal Government launched the Nigeria Deep Decarbonization Project”, she
explained.
The Minister further added that investors are increasingly
working together in response to climate change and added that the Federal
Government will continue to engage NGX on climate disclosure and data. “I hope
there would be a continuous collaboration between Nigerian Exchange Limited and
the Federal Ministry of Environment to build a framework that will help issuers
navigate climate disclosure, associated engagement with their shareholders, and
ultimately improve the climate data available to the investment and finance
community. Partnership with NGX will provide investors with important new tools
to enable capital reallocation”, the Minister said.
In welcoming the Honourable Minister, the Chief Executive
Officer, NGX, Temi Popoola, said, NGX remains resolute in its commitment to
promoting sustainable finance because it recognises that urgent action is
required to combat climate change and its impact as incorporated in the Paris
Agreement on Climate Change and Goal 13 of the Sustainable Development Goals
(SDGs).
Popoola said, “We are committed to fostering the growth of
sustainable financial products which integrate the financial risks and
opportunities associated with climate change and other environmental
challenges.
NGX has shown a strong commitment to sustainable finance
over the years. In 2016, NGX collaborated with the Ministry of Environment and
the Debt Management office to deepen the Green Bond market.
This effort led to the issuance of the maiden N10.69 billion
($25.8 million) 13.48 percent 5-year green bond in 2017 to fund projects to
develop renewable energy. The second tranche, N15 billion ($36.1 million) 14.5
percent 7-year Green Bond was issued in June 2019 and was over-subscribed.
In 2017, NGX played host to a conference on Sovereign Green
Bonds which served as a strategic engagement between the Federal Government and
financial market players on the prospects of investing in sustainable
development.