Lagos signs EoI with EU-Africa Chamber of Commerce to boost green economy financing

The Lagos State government through the office of special adviser on Climate Change and Circular Economy (OCCE) has signed an expression of interest (EoI) with EU-Africa Chamber of the Commerce (EU-ACC) at the just concluded COP29 in Baku, Azerbaijan, to boost financing for climate change and sustainable development.

The EoI signing was confirmed by Titilayo Oshodi, the special adviser to the state governor on Climate Change and Circular Economy.

According to Oshodi, the strategic partnership aims to unlock climate financing, foster technology transfer and promote green economic growth in Lagos State.

The move, she said, aligned with the vision of Governor Babajide Sanwo-Olu led the administration to position Lagos as a sustainable and resilient mega city.

The express of interest outlines a shared commitment to fostering collaboration on projects aligned with UNFCCC Articles 6.2 and 6.4ER goals, promoting carbon offset objectives, and driving Economic, Environmental, Social, and Governance (EESG) compliance and circular economy principles.

The partnership will focus on bankable, de-risked sustainable projects that advance Lagos State’s position as a global leader in climate action.

The Lagos State OCCE through the Ministry of Economic Planning and Budget, plans to formalise the partnership through a memorandum of understanding (MoU).

‘’The MoU will outline cooperation on green financing, technology transfer, and sustainable development, strengthening the partnership and driving impactful outcomes. With its strategic position within the planning and budget ministry, OCCE is positioned to champion the economic case for environmental sustainability, integrating it into the state’s financial planning. This ensures that environmental sustainability is a core component rather than an add-on of the state’s financial decision making across all ministries.’’

Speaking at the signing ceremony at the COP29 climate innovation zone, Oshodi, emphasised the importance of the partnership, saying, “This collaboration with the EU-Africa Chamber of Commerce is a key step in advancing our vision for a sustainable future in Lagos.

With the EUACC’s extensive network and expertise, we are better equipped to accelerate the deployment of innovative climate solutions, position Lagos as a global leader in sustainable development, and attract meaningful green investments.

Our participation in COP29 has been transformative, strengthening our position as a frontrunner in global climate action by forging strategic partnerships and showcasing Lagos’ pioneering projects.”

She added that the partnership is set to deliver key outcomes, including enhanced access to climate finance through green bonds and concessional funding, market promotion of Lagos State’s Article 6-compliant projects, and attracting funding for clean technology and sustainable infrastructure development.

‘’It also aligns with the ongoing strategic partnership between the OCCE, Access Bank—a leading African financial institution with operations across Africa, the United Kingdom, Europe, and Asia and Carbonivity, a leading carbon asset development firm, to accelerate climate investment initiatives for Lagos State.

“We are thrilled to partner with the Office of Climate Change and Circular Economy (OCCE). Lagos State is setting a remarkable example for Africa in its bold commitment to climate action and sustainability”- Sonia Toro, executive director of the EU-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 sustainable development.”

The chief executive officer of Carbonivity, OCCE’s carbon asset development partner, remarked, that The projects championed by OCCE demonstrate how African cities can lead the way in green economic transformation, climate innovation and adaptation, leveraging ESG-compliance and UNFCCC Articles 6.4ER/6.2 methodologies.”

“Also highlighting that with the backing of strong partnerships as demonstrated by the ecosystem with EUACC and Access Bank PLC, Lagos is well-positioned to deliver measurable improvements in climate adaptation and green economic outcomes.”

Head of Accra Office EUACC, Nele Lahrmann – Muniru commented, “If Lagos successfully scales its climate action programmess, it could serve as a model for sustainable and resilient circular economies across Africa. With a focus on creating strong incentives for citizens and including climate programming strategically into the state’s budget, it could become a blueprint for how to make climate action and the circular economy work for Africa.

Committed to innovation and practical solutions for Africa’s development, the EU-Africa Chamber of Commerce looks forward to supporting these initiatives in Lagos and beyond.”