Central Bank of Nigeria, CBN has urged financial sector regulatory institutions in Nigeria to promote the evolution of the economy driven by sustainable finance.
Governor of CBN, Godwin Emefiele stated this yesterday, during a workshop organised by financial sector regulatory bodies in conjunction with United Nations financial initiatives on sustainable finance in Abuja, where chief executives of regulatory institutions such as Securities and Exchange Commission, SEC, National Pension Commission, etc were in attendance.
Sustainable finance is a situation where financial institutions are required to channel part of their profits to the challenges of
economic development, social inclusion and good governance as a principle instead of focusing on profit maximization only.
Emefiele, who was represented by the Special Adviser to CBN on sustainable banking, Dr Aisha Mahmood said that the Nigerian financial sector has to develop and adopt what is called the Nigerian sustainable financial principle which is an industry led initiative needed to build more resilient, robust, environmental and socially responsive financial sector.
According to him, “although the Nigerian financial sector has declared its commitment to sustainability by adoption and implementation of the Nigerian sustainable banking principle, the CBN urges the financial sector regulatory bodies and other financial agencies to build on the momentum by supporting and promoting the evolution of the economy driven by sustainable finance.”
Also speaking at the event, the UN deputy head, UNEP Finance
Initiative, Yki Yasui said that many of the earth ecosystems were nearing a critical point of depletion of irreversible change caused by high population growth and economic development.
She stated that the UNEP 2015 showed that people were consuming far more natural resources than what the planet earth could sustainably provide.
According to her, “With the global human population projected to reach 9.6 billion by the year 2050 we will need three planet earths to sustain our way of living if the current consumption pattern remains unchanged.”
She urged the banks and other financial institutions to integrate
sustainable financial services in operation by committing part of their profits to the challenges of economic development, social inclusion and good governance as part of sustainable banking principle instead of focusing on profit maximization only.
“With the global economy moving from brown model to green model it means that to successfully meet the current SDG goals; global leaders require committing a whopping $1trillion per year from 2015 to year 2030 to it,” she declared.


Ad:See How you can turn $500 into $10,000 Click HERE For Details.
SHARE