The Minister of Environment, Balarabe Abbas Lawal, has said that environment financing is capital intensive and sought for the mobilisation of more financial inflow for environmental sustainability.
Lawal said that to do that, there was the need to implore innovative financing mechanisms, such as green bonds, carbon pricing and public-private partnerships.
The minister spoke at the 17th National Council on Environment in Abuja with the theme, “Environment Financing: Need to mobilise more financial inflows for generating adequate resources in support of environmental sustainability efforts
He said mobilising more financial inflow for environmental sustainability was essential because it allowed for the allocation of resources towards projects and initiatives aimed at protecting and preserving the environment.
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While noting that it will help in generating the resources needed for effective environmental protection and conservation efforts, the minister urged members of the council to intensify exploration and implementation of financing mechanisms at their disposal.
He said, “To ensure that investment on environmental protection is not wasted, environmental justice must be enforced and the benefits of conservation and sustainable development must be protected and equitably distributed among all segments of society.
The minister said environmental degradation disproportionately impacted marginalised communities, exacerbating inequalities and perpetuating social injustices.
Earlier, the Minister of State for Environment, Dr Iziaq Adekunle Salako, said the meeting was imperative to examine innovative ways of funding their ambitions and actioning their thoughts.
