Lagos State Signs Expression Of Interest With EU-Africa Chamber of Commerce At Conference Of The Parties (COP29) – Africa.com
Promote green finance, technology transfer and sustainable development
Lagos State, through the Office of the Special Adviser on Climate Change and Circular Economy (OCCE) (https://OCCELagos.org/) has taken an important step in promoting sustainable development by signing an Letter of Intent (EoI) for cooperation with the EU-Africa Chamber of Commerce (EUACC) (https://EU-Africa-Chamber.org/) during COP29 in Baku, Azerbaijan. This strategic partnership aims to unlock climate finance, facilitate technology transfer and promote green economic growth in Lagos State, in line with Governor Babajide Sanwo-Olu’s drive to make Lagos sustainable and resilient vision of a big city.
The EoI outlines shared commitments to facilitate collaboration on projects that are consistent with the objectives of Article 6.2 and Article 6.4ER of the UNFCCC, promote carbon offset targets, and promote economic, environmental, social and governance (EESG) compliance and circular economy principles. The partnership will focus on bankable, low-risk, sustainable projects to enhance Lagos State’s position as a global leader in climate action.
The Lagos State OCCE program formalizes the partnership through a Memorandum of Understanding (MoU) through the Ministry of Economic Planning and Budget. The MoU will outline collaboration on green finance, technology transfer and sustainable development, strengthening partnerships and driving impactful outcomes. Through its strategic position within the Department of Planning and Budget, OCCE works to advocate the economic case for environmental sustainability and integrate it into the state’s financial planning. This ensures that environmental sustainability becomes a core component of financial decision-making across state ministries, rather than an add-on.
Speaking at the COP29 Climate Innovation Zone Signing Ceremony, Ms Titilayo Oshodi, Special Adviser on Climate Change and Circular Economy to Lagos State, stressed the importance of partnerships: “Partnering with the EU-Africa Chamber is a key step in advancing our vision for a sustainable future for Lagos. With EUACC’s extensive network and expertise, we are better able to accelerate the deployment of innovative climate solutions that position Lagos Be a global leader in sustainability and attract meaningful green investment. Our participation in COP29 is transformative, strengthening our position as a global climate action leader by building strategic partnerships and showcasing groundbreaking projects in Lagos. status.”
The partnership aims to achieve key outcomes including increasing access to climate finance through green bonds and concessional funding, market promotion of Article 6 compliant projects in Lagos State, and attracting finance for clean technology and sustainable infrastructure development . It also complies with OCCE, Access Bank (https://www.AccessBankPLC.com/) – a leading African financial institution with operations across Africa, the UK, Europe and Asia and Carbonivity (https://Carbonivity.com/), a leading carbon asset development company accelerating climate investment plans in Lagos State.
“We are delighted to be working with the Office of Climate Change and Circular Economy (OCCE). Lagos State sets an excellent example for Africa in its bold commitment to climate action and sustainable development” – Sonia Toro, Executive Director of the European Union-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 sustainability. “
PhD. Adebola Odunusi, CEO, CarbonivityOCCE’s Carbon Asset Development Partner said: “The projects championed by OCCE demonstrate how African cities can use ESG compliance and UNFCCC Article 6.4ER/6.2 approaches to lead in green economic transition, climate innovation and adaptation.” Also Stressed that Lagos is well-positioned to achieve measurable improvements in climate adaptation and green economy outcomes, supported by strong partnerships demonstrated by its ecosystem with EUACC and Access Bank PLC. “
Nele Lahrmann – Muniru, Head of EUACC Accra Officecommented: “If Lagos succeeds in scaling up its climate action plan, it could become a model for a sustainable and resilient circular economy across Africa. It focuses on creating strong incentives for citizens and making climate planning strategic integrated into national budgets, it could become a blueprint for how to make climate action and the circular economy work for Africa. The EU-Africa Chamber is committed to delivering innovative and practical solutions for development in Africa and looks forward to supporting these initiatives in Lagos and beyond. “
The signing of the Letter of Intent with the EU-Africa Chamber of Commerce and other activities during COP29 reflect Lagos State’s commitment to foster strategic partnerships that are in line with global sustainability best practices, deliver tangible benefits to citizens, and support the state’s move towards sustainability transformation. green economy.
During COP29, OCCE also hosted Ecological Innovation Trading Roomshowcase investment-ready projects in Lagos to stakeholders and potential partners. The conference received significant interest and participation from international investors and strategic partners, highlighting the role of Lagos State as a strategic stakeholder in the global green economy. Some of the participants in the Lagos State Trading Room include representatives of Indorama Ventures; Earth Day WebsiteElement Energy, United Nations Climate Champions, etc.
The Office of the Special Adviser on Climate Change and Circular Economy (OCCE) in Lagos State is at the forefront of climate action and green economy development. OCCE leverages innovative financing, strategic partnerships and sustainable development projects to address climate adaptation challenges and drive green economic growth in Lagos State.
Distributed by APO Group on behalf of the Office of Climate Change and Circular Economy, Lagos State Government.
