A delegation of eight officials from the Development Bank of Nigeria (DBN) have recently concluded a five-day study visit to the African Development Bank Headquarter in Abidjan, Cote d’Ivoire.
Jointly hosted by the Climate Change and Green Growth Department and the Financial Sector Development Department, the visit focused on sharing tools and best practices for integrating climate and sustainability considerations into the institution’s financial operations
Through the African Financial Alliance on Climate Change (AFAC), the African Development Bank offers technical assistance to African financial institutions to help them manage climate-related risks and unlock opportunities in green investments.
Read also: Kalu says climate change no longer looming threat, now living crisis in Nigeria
Latest reports suggest that climate-induced losses projected to reach up to $50 billion annually by 2030, equivalent to as much as 15% of the continent’s GDP and that is why the African Financial Alliance on Climate Change (AFAC), and the African Development Bank (AfDB) are offering technical assistance to African financial institutions to help them manage climate-related risks and unlock opportunities in green investments.
Speaking during the visit, Director of Power Systems Development and DBN board member, Batchi Baldeh, said “Through targeted investments, the African Development Bank is committed to strengthening institutions such as the Development Bank of Nigeria to foster youth employment and drive resilient and sustainable development.”
On his part, the Director of the Climate Change and Green Growth Department, emphasized the importance of peer learning among African institutions. Dr. Anthony Nyong, said “The Bank’s Ten-Year Strategy serves as a framework to deepen regional and global partnerships and expand access to concessional financing from mechanisms such as the Green Climate Fund.
He noted that public development banks are instrumental in steering capital toward priority sectors by de-risking innovative and sustainable investments.
Story was adapted from Blueprint.
