The Lagos State Government has secured financing deals for two waste conversion initiatives at the ongoing COP28 Climate Summit in Dubai, the United Arab Emirates (UAE).
The deals which the two waste conversion initiatives pitched by Lagos State at the summit secured from investors were the Advanced Garbage Collection and Waste-to-Energy project and building of new Sewage Treatment Plant.
Lagos State Governor, Babajide Sanwo-Olu, made this known at an event held at Nigeria Pavilion, where he also presented the Phase Two of the Lagos State Climate Adaptation and Resilience Plan (LCARP) before global partners, on Sunday.
Sanwo-Olu, in a statement issued by his Chief Press Secretary, Gboyega Akosile, on Monday, said the two waste conversion projects were at a pivotal stage, awaiting technical review by interested partners and disbursement of funds in order to transform the ideas to reality.
The development, the governor said, marked another step forward in Lagos’ journey towards environmental sustainability and resilience, noting that the projects, if successfully delivered, would turn what had been a burden to opportunity for the state.
Sanwo-Olu said the investments represented his administration’s commitment to improve the lives of Lagosians and maintaining the status of the State as a beacon of progress.
He said: “Today marks a significant milestone in our journey towards sustainability and resilience. Two of our key initiatives, which are Advanced Garbage Collection and Waste-to-Energy project, and Sewage Treatment Plant, have attracted significant investment interest. These projects are currently at a pivotal stage; we are waiting on the investors to conduct technical analysis and put in the funds to turn the ideas into reality.
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“Given that all cities face a collective threat of climate change, bringing about solutions requires collaboration and partnership.
“Our participation at COP28 has been driven by the cardinal objective to have direct engagements on sustainability with committed partners who can collaborate with us to create sustainable solutions to our local environmental challenges.
“The global climate budget is reserved for sustainable development and for all of us to take action in mitigating impacts of environmental pollution and climate change.”
Governor Sanwo-Olu said the LCARP document was Lagos’ strategic roadmap towards a sustainable future.
The resilience framework, he said, identified 30 ambitious projects, cutting across critical sectors including, transportation, renewable energy and waste management.
The governor said Lagos State required a long-tenure investment exceeding $10 billion to build not just the required mitigation infrastructure, but also adequate redundancy to ensure sustainability.
He added that 14 of the 30 projects were ideal for public-private partnership.
Speaking, the Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab, said the state was desirous of environmental sustainability, because of the threat posed by observed rise in sea level and extreme temperatures.
The commissioner noted that LCARP document was the second of four planned frameworks designed by the State Government as strategic response to climate change.
On his part, the Managing Director of the Lagos State Waste Management Authority (LAWMA), Dr. Muyiwa Gbadegesin, said Lagos faced escalating waste management issues, leading to flooding during extreme weather events.
Sanwo-Olu also signed a Memorandum of Understanding (MoU) with Sheikh Abdul Rahman Saif bin Saif Al Sharqi, Chairman of the Nigerian-Arabian Gulf Chamber of Commerce (NAGCC), at JAFZA One Convention Centre in Dubai.
The agreement, Akosile noted, will facilitate, mutually undertake, explore trade and investment opportunities between Lagos and Arabian Golf Chamber of Commerce (GCC) member countries.
The MoU will also provide a structured platform for dialogue, collaboration, and exchange of innovative ideas between the business communities of Lagos and Arabian GCC.
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