The Debt Management Office on Wednesday said it was set to issue Green Bonds worth N10.69bn to finance some aspects of the 2017 budget. According to the DMO, the Green Bond is being issued following Nigeria’s endorsement of the Paris Agreement on Climate Change on September 21, 2016. The agreement aims to strengthen the global response to the threat of climate change. Since its signing, various countries who are parties to the agreement have initiated several steps aimed at making the environment better.

The Green Bond proceeds will be used to finance projects in the 2017 Appropriation Act that have been certified as green because of their positive effects on the environment, the DMO said in a statement made available to our correspondent in Abuja on Wednesday. Among the projects to be financed with the proceeds of the Green Bond issuance are renewable energy micro utilities and afforestation programmes of the government.