Lagos throws Financial might behind Sustainable Finance network

Lagos, 29 May 2019 –The city of Lagos today joined Financial Centres for Sustainability (FC4S), a UN Environment Programme-convened international network that seeks to shift private capital to climate friendly and green investments.

Lagos is the third African city to join the network, after Casablanca and Nairobi, and is the first in West Africa. The megacity’s stock exchanges have over 860 listed securities, valued at more than USD 360 billion.

“Huge flows of private capital are needed to deliver the green and sustainable finance needed to implement the Paris Agreement and sustainable development goals,” said Pierre Ducret, Co-chair of FC4S. “Lagos’ inclusion in the FC4S network is a major boost to these efforts.”

FC4S has grown into a global group of 24 leading financial hubs since its creation in 2017. Structured as a partnership between international financial centres and the UN Environment Programme, other members include Abu Dhabi, London and Hong Kong.

The network is in the process of setting up FC4S Africa – its third regional platform, following the launch of Asian and European platforms in 2018. FC4S Africa will provide advisory services for financial centres on sustainable finance strategies, technical assistance and outreach.

“The adverse effects of climate change globally cannot be overemphasized,” said Mr. Babajide Sanwo-Olu, Executive Governor, Lagos State. “I am confident that the establishment of the Lagos Financial Centre for Sustainability will contribute significantly to Lagos State’s push to attract sustainable private capital that will complement public resources to address infrastructure and social challenges and enhance climate change mitigation.

“We support this initiative and congratulate FMDQ OTC Securities Exchange and the UN Environment Programme for championing this innovative private sector-led solution.”

The UN Environment Programme assisted Nigeria with the design and launch of a sovereign green bond in 2018, only the third such sovereign bond ever launched and the first in a developing country. This led to the UN Environment Programme working with the financial community in helping Nigeria draw up a Sustainable Finance Roadmap for Nigeria.

“Lagos joining the FC4S opens up new possibilities for Nigeria and countries in West Africa to leverage sustainable finance for social and climate impact,” said Satya S. Tripathi, UN Assistant Secretary-General and Secretary of the UN Environment Management Group. “We welcome Lagos into the fold and look forward to doing great things together.”