The Development Bank of Nigeria (DBN) has received accreditation from the Green Climate Fund (GCF), enabling it to access green financing for Nigeria’s manufacturing sector, among others. This development was announced by DBN’s Managing Director, Tony Okpanachi, who emphasized the significance of this collaboration in combating climate change effects in Nigeria.
A Boost for Climate Change Mitigation
Okpanachi highlighted that DBN’s accreditation would significantly bolster Nigeria’s efforts against climate change challenges, such as desertification, global warming, unpredictable rainfall patterns, storms, and floods. He noted that this accreditation supports sustainable development and promotes environmentally friendly technologies across various sectors, including agriculture, manufacturing, healthcare, education, transport, and logistics.
Addressing Climate Change Threats
“Climate change poses an existential threat to Nigerians,” Okpanachi stated, “impacting livelihoods through the depletion of grazing lands for livestock, rising sea levels causing excessive flooding, changing rainfall patterns affecting agricultural yields, poor water and air quality impacting health, and significant biodiversity loss.”
Empowered to Drive Climate Projects
The GCF accreditation empowers DBN to develop and submit funding proposals for climate-related projects, manage and implement these projects, and deploy a range of financial instruments such as concessional loans, co-financing, and blending for loans. This accreditation also enables the bank to mobilize private sector capital for climate change initiatives.
Comprehensive Project Coverage
The accreditation covers various project categories, including basic fiduciary standards, specialized fiduciary standards, project management, on-lending and blending for loans, and Environmental and Social Safeguards Risk: Category B, as well as medium-sized projects.
Supporting Tech Entrepreneurs
In addition to its climate initiatives, DBN recently offered qualified techpreneurs the opportunity to secure financing deals during its annual flagship event, the 2024 DBN Techpreneur Summit 3.0, held in Lagos.
With this new accreditation, DBN is poised to play a crucial role in driving sustainable development and environmental resilience in Nigeria, aligning with global efforts to mitigate the impacts of climate change.
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