Lagos to boost climate funding and technology transfer with EU-Africa partnership

The Lagos state government is looking to boost climate funding into the state and Nigeria at large after signing a partnership agreement with the EU-Africa Chamber of Commerce (EUACC).

The strategic agreement which took place at the ongoing COP29 in Baku, Azerbaijan, aims to unlock climate funding, foster technology transfer, and promote green economic growth in Lagos State. The partnership which aims to promote Economic, Environmental, Social, and Governance (EESG) compliance and circular economy principles will focus on bankable, de-risked sustainable projects that advance Lagos State’s position as a global leader in climate action.

Speaking at the signing ceremony at COP29, Special Adviser on Climate Change and Circular Economy for Lagos State, Mrs Titilayo Oshodi, emphasized the importance of the partnership, describing it as a key step in advancing Lagos State’s vision for a sustainable future. 

“With the EUACC’s extensive network and expertise, we are better equipped to accelerate the deployment of innovative climate solutions, position Lagos as a global leader in sustainable development, and attract meaningful green investments. Our participation in COP29 has been transformative, strengthening our position as a frontrunner in global climate action by forging strategic partnerships and showcasing Lagos’ pioneering projects,” she said. 

With this, she believes the Lagos state government has taken a significant step toward advancing sustainable development 

Climate funding to get a nice push

According to a statement released on the development, the partnership is set to deliver key outcomes, including enhanced access to climate funding through green bonds and concessional funding. Other outcomes include market promotion of Lagos State’s Article 6-compliant projects, and attracting funding for clean technology and sustainable infrastructure development. 

The Lagos State OCCE, through the Ministry of Economic Planning and Budget, plans to formalize the partnership through a Memorandum of Understanding (MoU). The MoU will outline cooperation on green financing, climate funding, technology transfer, and sustainable development, strengthening the partnership and driving impactful outcomes.

With its strategic position within the planning and budget ministry, OCCE is positioned to champion the economic case for environmental sustainability, integrating it into the state’s financial planning. This ensures that environmental sustainability is a core component rather than an add-on to the state’s financial decision-making across all ministries.

Speaking about the partnership, the Executive Director of the EU-Africa Chamber of Commerce, Sonia Toro, said the EUACC is thrilled with the agreement as it looks forward to a synergising of the collective strengths of the parties.

“We are thrilled to partner with the Office of Climate Change and Circular Economy (OCCE). Lagos State is setting a remarkable example for Africa in its bold commitment to climate action and sustainability. Together, we will leverage our collective strengths to drive transformative green projects, unlock investment opportunities, and position Lagos as a global leader in sustainable development,” Toro said.

The signing of the Expression of Interest with EU-Africa Chamber of Commerce and other engagements during COP29 reflect Lagos State’s commitment to fostering strategic partnerships that align with global best practices in sustainability, delivering tangible benefits for its citizens, and supporting the state’s transition to a green economy.

The Lagos State representatives believe it aligns with the vision of the governor, Babajide Sanwo-Olu, to position Lagos as a sustainable and resilient megacity. It also aligns with the ongoing strategic partnership between the OCCE, Access Bank —a leading African financial institution, and Carbonivity, a leading carbon asset development firm, to accelerate climate investment initiatives for Lagos State.

Speaking about the import of the partnership to Africa at large, the Head of the Accra Office at EUACC, Nele Lahrmann-Muniru, noted that if Lagos successfully scales its climate action programs, it could serve as a model for sustainable and resilient circular economies across Africa.

“With a focus on creating strong incentives for citizens and including climate programming strategically into the state’s budget, it could become a blueprint for how to make climate action and the circular economy work for Africa. Committed to innovation and practical solutions for Africa’s development, the EU-Africa Chamber of Commerce looks forward to supporting these initiatives in Lagos and beyond,” Lahrmann-Muniru said.

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