To advance research into climate-related risks faced by the financial sector in Nigeria, the UNEP Inquiry with the support of the Financial Centre for Sustainability (FC4S) Lagos developed the Nigeria Green Tagging Banking Review, providing a robust monitoring and disclosure framework for financial institutions to accurately and transparently report their financial footprint (i.e., green/carbon exposure of loans) to the country’s central bank and other financial regulators. The report provides strategic recommendations for developing financial products and inputs that will feed into the development of a reporting framework for financial institutions to communicate their green financing footprint in a harmonized manner, using a transparent monitoring and reporting mechanism/tool to inform regulators.

This webinar launched the Nigeria Green Tagging Banking Review and leveraged insights from the report to identify barriers and challenges for financing green projects in Nigeria, highlight the importance of scaling up green bond issuance, and introduce the Framework for Green Loans Reporting.

Part of the GEF #AligningFinancePolicies webinar series, this event advanced dialogue and collaboration towards building international consensus on best practices – from policies and regulations to standards and norms – to green the financial system.

The discussion focused on practical knowledge, including:

• How to mobilise private sector investment to bridge the infrastructure deficit: pipeline development and digital information.
• The role of non-financial disclosure in guiding investments: importance of regulatory surveillance and enhancement of reporting mechanisms to enable the tracking, measurement and the capacity of banks/financial institutions to respond to climate risk.
• How policy incentives can accelerate the implementation of a clean energy transition: capital adequacy requirement, innovative financial instruments.
• Scaling up green bonds issuance: review of the green and highly exposed asset exposure exercise.

Recording

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Speakers

Keynote Speaker

Stephen Nolan, Managing Director, UNDP Financial Centres for Sustainability (FC4S) and Head of Secretariat, Sustainable Insurance Forum

Moderator

Olumide Lala, Director and Co-Founder, Climate Transition Limited

Panelists

Haruna B. Mustafa, Director, Banking Supervision, Central Bank of Nigeria

Ijeoma D. Ozulumba​, Executive Director, Finance & Corporate Services, Development Bank of Nigeria Plc

Olutoye Ambekemo, Chief Risk Officer, Sterling Bank Plc

Kola Lawal, Chief Risk Officer, Stanbic IBTC Bank

Sylvanus Eneche, Chief Risk Officer, Wema Bank Plc

Report Launch

Dr Doyin Salami, Chief Economic Advisor to the President of Nigeria and Vice Chairman, Financial Centre for Sustainability (FC4S) Lagos

Concluding Remarks

Emmanuel Etaderhi, Executive Secretary, Financial Centre for Sustainability (FC4S) Lagos

This was the first webinar held under the GEF Aligning Finance Policies project. Led by UNEP Inquiry, the Global Environment Facility (GEF), and the Green Finance Platform, this project seeks to advance dialogue and collaboration towards the implementation of Sustainable Finance Roadmaps in six countries, including Nigeria.

This session was jointly organized by the Green Finance Platform and Climate Transition Limited. To enable sustainable finance strategies and methodologies to be embedded into Sub-Saharan Africa, Climate Transition Limited empowers its clients to catalyze large investments in addressing global sustainability challenges and driving low carbon economies, whilst aligning strategies and portfolios with the Paris Agreement.

The Green Finance Platform and Climate Transition Limited are promoting engagement and building dialogue towards the implementation of green banking measures in Nigeria through knowledge generation and peer-to-peer exchanges.