A Sustainable Finance Accelerator Program has been launched by Access Bank Plc, which is a significant move towards fostering environmentally sustainable and socially responsible practices. This initiative is designed to assist Nigerian businesses and organisations in prioritising climate action, healthcare improvements, adaptation efforts, and other social initiatives. It aims to connect Sustainability with finance by funding initiatives that foster a more environmentally friendly and equitable future. The innovative initiative was officially launched through a hybrid event held in person at Access Towers in Oniru, Lagos, and online via various platforms.
This program aims to support corporations, micro, small, and medium enterprises (MSMEs), along with nano businesses that strive to create a beneficial effect on both the environment and society. The Sustainable Finance Accelerator Program will equip participants with crucial support, guidance, and skills. It extends beyond finance, functioning as an educational platform that transforms creative concepts into practical enterprises capable of creating enduring change. Its primary objective is to promote sustainable growth while assisting entrepreneurs and business leaders in overcoming the obstacles associated with launching environmentally conscious products.
Essential resources will be provided to the attendees.
During the inauguration ceremony, Chizoma Okoli, the Deputy Managing Director of Access Bank Plc, pointed out the urgent demand for sustainable financing in the current landscape. Given the increasing threats from climate change, social disparities, and dwindling resources, the demand for sustainable finance has never been more critical. She also underscored how essential the financial industry is in facilitating the shift toward a low-carbon and inclusive economic model. Access Bank is redefining its purpose, moving past traditional banking practices to prioritise sustainability as a fundamental business value.
Gregory Jobome, the Executive Director of Risk Management at Access Bank Plc, voiced his agreement with Okoli, highlighting the teamwork aspect of the initiative. He emphasised that the bank’s commitment extends past merely by providing financial support. This endeavour isn’t solely about Access Bank but their collective efforts to innovate and enhance sustainable projects throughout Nigeria and Africa. He highlighted that attendees would be provided with numerous resources, such as skills development and networking chances, allowing their concepts to expand and flourish.
Sustainable finance and efforts are needed to combat the challenge.
The initiation of the program aligns with Nigeria’s growing emphasis on sustainable finance and efforts to combat climate change. In recent years, the Nigerian administration has demonstrated a dedication to tackling the issues brought about by climate change. This encompasses projects such as the establishment of the Carbon Market Activation Committee and Sustainable Energy for All, both designed to lower Emissions while addressing the interconnected challenges of energy deprivation and climate change. They understand that sustainable finance is not just a speciality or fleeting trend; it represents the future landscape of finance.
Temitope Akinyemi, the Special Advisor to the Minister of Finance and the Coordinating Minister of the Economy focusing on Climate Finance, emphasised the critical need for action on climate challenges at the event. Akinyemi expressed that although Africa accounts for under 3% of global climate emissions, the impact is severe throughout the continent, particularly in Nigeria. She observed that despite Nigeria’s modest degree of industrial development resulting in lower emissions than other countries, the nation still encounters considerable environmental issues, such as deforestation, limited energy access, and the severe consequences of flooding.
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Akinyemi reiterated the crucial role of securing funds to achieve Nigeria’s climate targets, noting that an Investment of $17 billion is essential for integrating Sustainable Development into the country’s policy framework. By supporting enterprises centred on sustainability, the initiative seeks to foster a stronger future for Nigeria and the entire African continent. They invite prospective candidates to submit their applications for the Sustainable Finance Accelerator Program via the bank’s specialised website. With this initiative, Access Bank reinforces its role as a pioneer in sustainable finance, promoting actions that will enhance environmental well-being while fostering Economic Development and social fairness throughout Nigeria.