Private sector urged to get involved in climate financing

Climate financing which is a significant input in the fight against climate change should not be left to government and world development agencies alone, the Managing Partner, Prigem Concepts Limited, Olumayowa Raymond, has said.

He said the private sector could play active role in climate financing as development partners since climate change affected all across board.

“Let us address the menace fast through proper carbon tax and judicious advocacy against socio-economic vice capable of damaging our environment. We will do so much more with carbon tax if monitored effectively,” he said.

He said, “The funds secured should be put to judicious use in the form of PPP led by the private sector through Development Finance Institutions (DFIs).

He, however, noted that using capital markets to fund climate solution, financing projects of massive environmental and climate benefits through Green-bond initiative is an effective policy, investment and prompt targeted action against climate change.

“Green bond goes for initial offer at the Stock Exchange Markets (SEMs) across the globe; we must take into cognizance its effective deployment. We believe a lot of cerebral capital is required for this not to be another white-elephant project in this fight against climate change,” he added.