How do we address the jaw-dropping gaps between the green investment needs of Nigeria and the resources that are available to fund them? There are no easy answers. The path to a green economy is one with many forks in the road – different investment agendas involving different types of priorities, institutions and risks.
A top-down approach can help us to appreciate the scale of the task but it is both polarising and paralysing. Why do anything locally if needs are so substantial and international support is so flimsy? It takes a village to raise a child and it also takes a village to raise a green bond. FMDQ worked with multiple organisations to raise these first green bonds, including the UK-based non-profit, Climate Bond Initiative, FSD Africa, a U.K.-sponsored financial sector development programme, and local issuers and intermediaries, including Chapel Hill Denham.
It takes a village to raise a child and it also takes a village to raise a green bond. FMDQ worked with multiple organisations to raise these first green bonds, including the UK-based non-profit, Climate Bond Initiative, FSD Africa, a U.K.-sponsored financial sector development programme, and local issuers and intermediaries, including Chapel Hill Denham.
Secondly, and more importantly for the first-time issuer, the green bond is more than a traditional bond and it is significantly more work to issue a green bond and comply with a green bond framework, and there are not many tangible rewards for issuers to go the extra mile, as the coupon rates are comparable to those in the traditional bond market.
Implementing this is a challenge, but it is not insurmountable. The Climate Bonds Initiative recommends
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