MON NOV 25 2024-theGBJournal| The Lagos State government has taken a significant step toward advancing sustainable development by signing an Expression of Interest (EoI) to partner with the EU-Africa Chamber of Commerce (EUACC) during COP29 in Baku, Azerbaijan.
This strategic partnership, signed through the Office of Special Adviser on Climate Change and Circular Economy (OCCE aims to unlock climate financing, foster technology transfer, and promote green economic growth in Lagos State, aligning with the vision of His Excellency, Governor Babajide Sanwo-Olu, to position Lagos as a sustainable and resilient mega city.
The EoI outlines a shared commitment to fostering collaboration on projects aligned with UNFCCC Articles 6.2 and 6.4ER goals, promoting carbon offset objectives, and driving Economic, Environmental, Social, and Governance (EESG) compliance and circular economy principles. The partnership will focus on bankable, de-risked sustainable projects that advance Lagos State’s position as a global leader in climate action.
The Lagos State OCCE through the Ministry of Economic Planning and Budget, plans to formalize the partnership through a Memorandum of Understanding (MoU). The MoU will outline cooperation on green financing, technology transfer, and sustainable development, strengthening the partnership and driving impactful outcomes.
With its strategic position within the planning and budget ministry, OCCE is positioned to champion the economic case for environmental sustainability, integrating it into the state’s financial planning.
This ensures that environmental sustainability is a core component rather than an add-on of the state’s financial decision making across all ministries.
Speaking at the signing ceremony at the COP29 Climate Innovation Zone, Mrs. Titilayo Oshodi, Special Adviser on Climate Change and Circular Economy for Lagos State, emphasized the importance of the partnership: “This collaboration with the EU-Africa Chamber of Commerce is a key step in advancing our vision for a sustainable future in Lagos.
With the EUACC’s extensive network and expertise, we are better equipped to accelerate the deployment of innovative climate solutions, position Lagos as a global leader in sustainable development, and attract meaningful green investments.
Our participation in COP29 has been transformative, strengthening our position as a frontrunner in global climate action by forging strategic partnerships and showcasing Lagos’ pioneering projects.”
The partnership is set to deliver key outcomes, including enhanced access to climate finance through green bonds and concessional funding, market promotion of Lagos State’s Article 6-compliant projects, and attracting funding for clean technology and sustainable infrastructure development.
It also aligns with the ongoing strategic partnership between the OCCE, Access Bank—a leading African financial institution with operations across Africa, the United Kingdom, Europe, and Asia and Carbonivity, a leading carbon asset development firm, to accelerate climate investment initiatives for Lagos State.
“We are thrilled to partner with the Office of Climate Change and Circular Economy (OCCE). Lagos State is setting a remarkable example for Africa in its bold commitment to climate action and sustainability”- Sonia Toro, Executive Director of the EU-Africa Chamber of Commerce (EUACC). “Together, we will leverage our collective strengths to drive transformative green projects, unlock investment opportunities, and position Lagos as a global leader in sustainable development.”
Dr. Adebola Odunusi, CEO of Carbonivity, OCCE’s carbon asset development partner, remarked, “The projects championed by OCCE demonstrate how African cities can lead the way in green economic transformation, climate innovation and adaptation, leveraging ESG-compliance and UNFCCC Articles 6.4ER/6.2 methodologies.”
Also highlighting that with the backing of strong partnerships as demonstrated by the ecosystem with EUACC and Access Bank PLC, Lagos is well-positioned to deliver measurable improvements in climate adaptation and green economic outcomes.”
Nele Lahrmann – Muniru, Head of Accra Office EUACC, commented, “If Lagos successfully scales its climate action programs, it could serve as a model for sustainable and resilient circular economies across Africa.
With a focus on creating strong incentives for citizens and including climate programming strategically into the state’s budget, it could become a blueprint for how to make climate action and the circular economy work for Africa.
Committed to innovation and practical solutions for Africa’s development, the EU-Africa Chamber of Commerce looks forward to supporting these initiatives in Lagos and beyond.”
The signing of the Expression of Interest with EU-Africa Chamber of Commerce and other engagements during COP29 reflect Lagos State’s commitment to fostering strategic partnerships that align with global best practices in sustainability, delivering tangible benefits for its citizens, and supporting the state’s transition to a green economy.
During COP29, the OCCE also hosted its Eco-Innovation Deal Room, a showcase of investment-ready projects in Lagos for stakeholders and potential partners. The session received significant interest and participation from international investors and strategic partners, underscoring Lagos State’s role as a strategic stakeholder in the global green economy.
Some of the participants at the Lagos state deal room included representatives Indorama Ventures, Earthday.org, Elemental Energies, UN Climate Champions among others.
The Office of the Special Adviser on Climate Change and Circular Economy (OCCE), Lagos State, is at the forefront of climate action and green economic development.
The OCCE leverages innovative financing, strategic partnerships, and sustainable development projects to address climate adaptation challenges and drive green economic growth in Lagos State.
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