\n \u201cWith IFC coming in, we\u2019re looking at how the private sector will now participate in green industrialization,\u201d he said in an interview in Abu Dhabi on the sidelines of a sustainable conference.\n <\/p>\n
\n However, he didn\u2019t disclose information about the timeline for the initiative.\n <\/p>\n
\n As reported by Bloomberg<\/a>, the environment minister noted that the funds will go to climate and renewable energy projects, such as solar installations, low-emission infrastructure, and initiatives to reduce greenhouse gas emissions.\n <\/p>\n \n \u201cFor a long time, green bonds have been tied strictly to the budget,\u201d the minister stated.\n <\/p>\n \n \u201cBut for this green bond, we are looking at bringing in the private sector and international investors,\u201d he added.\n <\/p>\n \n Just yesterday, the country\u2019s president, Bola Tinubu, approved the establishment and operationalization of Nigeria’s carbon market framework, a landmark program that is estimated to produce at least $3 billion per year by 2030.\n <\/p>\n \n \u201cNigeria feels at the heart of development opportunity,\u201d the President said.\n <\/p>\n \n \u201cIn this spirit, Nigeria has launched a climate and green industrialisation investment to unlock $2 billion to $3 billion annually in climate finance.\u201d\n <\/p>\n \n The president clarified that the National Carbon Market Activation Policy and the establishment of the National Carbon Registry, designed to enhance emissions reporting, verification, and transparency, constitute the bedrock of the carbon market push.\n <\/p>\n \n He noted that these steps are intended to increase the legitimacy and appeal of Nigeria’s<\/a> carbon credits to international consumers.\n <\/p>\n \n \u201cNigeria recognises the urgent need to deploy and advance technologies to improve green efficiency, modernise infrastructure, and accelerate the delivery of sustainable energy to underserved areas,\u201d he stated.\n <\/p>\n <\/p>\n