The Development Bank of Nigeria Plc (DBN) has secured accreditation status for the $250 million Green Climate Fund (GCF).
The Development Bank of Nigeria Plc has secured accreditation status for the $250 million Green Climate Fund . By the accreditation, the DBN becomes the first Direct Access Entity and the only authorised Nigerian channel for accessing green financing from the GCF.
Okpanachi noted that climate change has become an existential threat to humanity as extreme weather conditions have caused devastating effects on livelihoods such as depletion of grazing lands for livestock, rising sea levels causing excessive flooding that displaces communities, changing rainfall patterns that negatively affect agricultural yields, poor water and air quality that impact health, and extensive loss of biodiversity.
Providing more insights into the core areas the project covers, the Managing Director explained that the accreditation covers projects that fall under the categories of basic fiduciary standards, specialised fiduciary standards, project management, on-lending and/or blending for loans, ESS Risk: Category B and medium-sized projects.
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