Access Bank: Pioneering Green Bonds for Sustainability in Nigeria
Access Bank, a leading financial institution in Nigeria, is spearheading the country’s sustainability efforts through the issuance of corporate green bonds. This innovative approach aligns with the global shift towards environmentally friendly practices and sustainable development.
In a landmark move in March 2019, Access Bank announced the issuance of an NGN 15bn ($41m) corporate green bond, the first of its kind in Africa. This green bond, certified by the Climate Bonds Initiative, was made possible with the support of the Nigerian Green Bond Development Programme.
Green bonds, also known as climate bonds, are designated bonds aimed at promoting sustainability and supporting climate-related or other types of special environmental projects. They represent a significant step towards achieving environmental sustainability by providing necessary funding for green projects.
Access Bank has played a pivotal role in stimulating the growth of the green bond market in Nigeria. The bank co-launched the Nigerian Green Bond Market Development Programme, further solidifying its commitment to environmental sustainability.
The bank has continued to green its operations and expand its portfolio of green financial instruments. The proceeds from the fully subscribed offer have been disbursed for funding eligible green projects, demonstrating the bank’s dedication to environmental sustainability and the adoption of global best practices.
In conclusion, Access Bank’s pioneering efforts in issuing corporate green bonds mark a significant milestone in Nigeria’s journey towards sustainability. It sets a precedent for other financial institutions to follow, paving the way for a greener and more sustainable future.
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