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The United Nations has said climate change is the defining issue of our time. The global mean temperature is currently at 1.2 degree Celsius (°C) above pre-industrial levels. This level of warming is causing extreme weather events and the UN Intergovernmental Panel on Climate Change (IPCC) has warned that an additional increase above 1.5°C by the end of the century will significantly worsen the risks of drought, floods, extreme heat and poverty for hundreds of millions of people.
    
To prevent further rise in global warming and reduce the impact of climate change, alternative financial instruments are being used by governments and businesses around the world to raise funds to finance projects with positive environmental impact and social outcomes. Access Bank is among leading financial institutions that are financing the much-needed transition to low-carbon and climate-resilient economies.

The bank has demonstrated its commitment to sustainable investing through the listing of its N15 billion ($41.3 million) green bond, first on the FMDQ OTC Securities Exchange and the Nigerian Stock Exchange (NSE). It subsequently cross-listed the bond on the Luxembourg Stock Exchange (LuxSE). The aim of the bond is to help finance sustainable development in Nigeria.

Last month, the bank participated at the NSE's inaugural webinar series on Sustainable Capital Markets for West Africa. Themed, “Fundamentals of Developing Green Bond Markets,” the online event was organised in collaboration with the Milken Institute, an independent economic think tank in California, USA. Recognising the need for urgent action to combat climate change, the NSE said it developed the series to foster the growth of sustainable financial products in Nigeria and West Africa.

Representing Access Bank during a panel session at the webinar was Greg Jobome, Access Bank's Executive Director, Risk Management. He said Access Bank's green bond issue has stimulated the Nigerian financial services industry to step up and address existing developmental challenges. He added that green finance presents immense opportunities to drive a transition to a low-carbon economy in Nigeria.