Certification

The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds. Rigorous scientific criteria ensure that it is consistent with the 2 degrees Celsius warming limit in the Paris Agreement. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.

 

Federal Government of Nigeria

 

 

 

This is the first certified sovereign bond and the second one originating in Africa.

As the largest nation in sub Saharan Africa, Nigeria intends to develop the green bond market in the region. It also sees this as an opportunity to align its own financial markets with the government’s climate objectives as detailed in the Nationally Determined Contribution (NDC) that Nigeria submitted for the 2015 Paris Agreement.

This bond is targeted mostly towards solar energy projects, as well as national afforestation programs. 

 

DATE OF ISSUE  TYPE OF INSTRUMENT SIZE COUNTRY OF ISSUE CLIMATE BONDS SECTOR CRITERIA VERIFIER'S REPORT ANNUAL REPORT FURTHER INFORMATION
 December 2017 Use of proceeds bond (Sovereign bond) USD 29.7M  Nigeria Solar and Forestry DNV GL pre issue statement

Quarterly report published on the Ministry of Environment's Website

Nigeria Government Green Bond Guidelines

Green Bond Framework

UNEP article

Climate Bonds Initiative Blog