It’s time for action on climate finance – DBN MD Okpanachi
It’s time for action on climate finance – DBN MD Okpanachi The Managing Director of Development Bank of Nigeria (DBN), Dr. Tony Okpanachi, said the time for talk was over and the bank is focused on catalysing real action in climate finance across the country. Okpanachi spoke at an executive roundtable in Lagos on Friday. It was attended by top financial institutions, regulators, development partners, and climate-focused agencies. He said DBN’s recent accreditation as the first direct access entity to the Green Climate Fund (GCF) must translate into tangible results for Nigerians. He also highlighted that DBN had emerged first in the Transparency and Integrity Index in 2022 and 2023.“It’s no longer just about having the GCF accreditation. The question now is: how do we use it to mobilise both international and local resources to address climate challenges that are already affecting our people?” he said. He noted that climate change is no longer a distant threat, citing increasing incidents of flooding, displacement of communities, and farmer-herder conflicts triggered by environmental changes. “We’re already seeing the impact, businesses destroyed by floods, rising food insecurity, and migration. We must move to practical solutions, and that starts with funding climate adaptation and mitigation efforts,” he added. The roundtable aimed to connect key actors in Nigeria’s finance and climate sectors to identify strategies for scaling climate investment, especially through private sector engagement. Representatives from commercial and microfinance banks, sovereign wealth funds, and multilateral DFIs participated in the dialogue, which focused on expanding access to green finance and aligning national efforts with global sustainability targets. Okpanachi stressed the importance of local financial institutions using their networks and resources to drive climate solutions, saying, “We cannot rely solely on foreign funds. Our banks have the balance sheets and the reach to make a real difference.” Also the bank’s Executive Director and Chief Financial Officer, Ijeoma Uzulumba, reinforced the need for public-private collaboration in climate financing. View News Source Speak With Us
