Babajinde Sanwo-Olu, Governor of Lagos State said his administration would throw its weight behind startups and businesses willing to harness innovative technology in promoting environmental development.
According to Sanwo-Olu, this approach is in line with the focus of his administration on ensuring a more sustainable environment in the state for all and sundry. The governor made this known at a forum organised by Lagos-based investment firm, Pan-African Capital Holdings (PAC Holdings) on green finance and the environment, which held at the Oriental hotel, Lekki on Wednesday, July 3.
The green forum themed: “The Earth, Our business, Our Future” brought together stakeholders in the green industry who deliberated on ways to enhance environmental sustainability and ensure profitability for businesses venturing into Eco-projects. The experts also discussed the various financial mechanisms and instruments to accelerate green finance and how penetration could be gained.
‘‘The challenges we face today is about developing new business models that are environmentally friendly; yet profitable, ” Sanwo-Olu, represented by his deputy governor, said. According to the governor, this calls for an appraisal of the production chain and process, identifying those aspects that are harmful to the environment, and developing appropriate innovative technological solutions. The solutions must effectively address challenges and achieve the environmental goal of sustaining the earth planet, while also ensuring that the vulnerable population are saved the agony and pains of global warming.
Plastic waste constitutes a major challenge to the environment constituting over 70 percent of waste materials polluting water bodies and blocking drainages with devastating consequences of flooding in Lagos State. Accordingly, Sanwo-Olu urged businesses to consider investing in new environmentally friendly technologies especially in the areas of renewable energy, waste recycling, emissions and packaging, including the development of alternatives to plastic bottles and other non-degradable items which constitute a major threat to environmental sustainability.
Sanwo-Olu, therefore, said Lagos State would collaborate with the private sector especially the major industrial establishment whose activities impact more on the environment to seek innovative ways of carrying on their activities without jeopardizing peoples’ lives and the sustainability of the planet. ‘‘In addition, we will give the required financial support to young businesses showing a willingness to key into this new model as well as some technological support, ” he said.
Dolapo Atekoja, Chairman, Pan-African Capital Holdings, stressed the importance of resource allocation in driving fundamental change in the environment.
‘‘As you may know, Green finance is aimed at increasing the level of financial flows from banking, micro-credit, insurance and investments from the public, private and not-for-profit sectors to sustainable environment projects’’
Stakeholders at the meeting included experts from Multilateral Development Finance Institutions, Banks, Issuing Houses and Regulators in financing environment sustainable projects.
“We are happy with the level of dialogue we have had with the stakeholders that attended the forum and we take particular delight in the fact that the government sees the need for us as a nation to be more responsible for our environment,” said Chris Oshiafi, CEO of Pan-African Capital Holdings.
“Investors should be keen on leveraging the investment opportunities in fostering a sustainable environment, whether it is by providing off-grid power solutions or renewable energy as well as waste management and recycling,” Oshiafi said.
Pan-African Capital Holdings Limited is a Proprietary Investment Company with a special focus on key Sectors across Africa including Financial Services, Hospitality & Entertainment, Real Estate & Infrastructure, Agro-Allied & FMCG, Healthcare and ICT & Media.
The company’s corporate Head Office is in Lagos, with presence in Accra, Nairobi, and Mauritius.
Israel Odubola & Segun Adams
