The Lagos State Government has taken a significant step toward advancing sustainable development by expressing interest to partner with the EU-Africa Chamber of Commerce (ECACC).
The signing of the Memorandum of Understanding (MoU) took place during COP29 in Baku, Azerbaijan, on Monday.
This is contained in a statement signed by Mrs Titilayo Oshodi, Special Adviser to Lagos State Gov. Babajide Sanwo-Olu on Climate Change and Circular Economy.
“This strategic partnership aims to unlock climate financing, foster technology transfer, and promote green economic growth in Lagos State, aligning with the vision of our Governor Sanwo-Olu to position Lagos as a sustainable and resilient mega city.
“This collaboration with the EU-Africa Chamber of Commerce is a key step in advancing our vision for a sustainable future in Lagos.
“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.
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“Our participation in COP29 has been transformative, strengthening our position as a frontrunner in global climate action by forging strategic partnerships and showcasing Lagos’s pioneering projects,” she said.
Oshodi added that the partnership would deliver key outcomes, including enhanced access to climate finance through green bonds, concessional funding and market promotion of Lagos State’s Article Compliant projects which also attracts funding for clean technology and sustainable infrastructure development.
”It also aligns with the ongoing strategic partnership between Lagos State Office for Climate Change and Circular Economy, Access Bank a leading African financial institution with operations across Africa, the United Kingdom, Europe and Asia, and Carbonivity, a leading carbon asset development firm, to accelerate climate investment initiatives for Lagos State.
Speaking at the signing ceremony at the COP29 Climate Innovation Zone, Mrs. Titilayo Oshodi, Special Adviser on Climate Change and Circular Economy for Lagos State, emphasized the importance of the partnership.
She said: “This collaboration with the EU-Africa Chamber of Commerce is a key step in advancing our vision for a sustainable future in Lagos. 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.”
The partnership is set to deliver key outcomes, including enhanced access to climate finance through green bonds and concessional funding, market promotion of Lagos State’s Article 6-compliant projects, and attracting funding for clean technology and sustainable infrastructure development. It also aligns with the ongoing strategic partnership between the OCCE, Access Bank—a leading African financial institution with operations across Africa, the United Kingdom, Europe, and Asia and Carbonivity, a leading carbon asset development firm, to accelerate climate investment initiatives for Lagos State.
The EoI outlines a shared commitment to fostering collaboration on projects aligned with UNFCCC Articles 6.2 and 6.4ER goals, promoting carbon offset objectives, and driving Economic, Environmental, Social, and Governance (EESG) compliance and circular economy principles.
The partnership will focus on bankable, de-risked sustainable projects that advance Lagos State’s position as a global leader in climate action.
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, 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.
