Stanbic IBTC Holdings, in collaboration with Lagos Business School Sustainability Centre, recently hosted the Sustainable Finance Summit themed ‘Sustainable Finance Opportunities in Emerging Markets’ at Stanbic IBTC Towers, Victoria Island, Lagos. The event, which was held on Friday, September 27, 2024, was a convening of financial sector players, development sector professionals, sustainability professionals, and the academia across Nigeria to dialogue on how sustainable finance can be unlocked, mobilised and scaled to create sustainable investments to advance the sustainable development agenda of the continent.
The summit provided a unique opportunity for high-level business executives to engage and discuss challenges, opportunities, and pathways for sustainable investments and create economic, environmental, and social value for businesses and communities on the continent. The event featured remarks, a keynote, a fireside chat, and panel discussions from seasoned industry leaders who shared practical perspectives on unlocking sustainable finance opportunities that benefit businesses, communities, ecosystems, and the planet.
Professor Chris Ogbechie, Dean, Lagos Business School, declared the summit open. He said, “Our continent is perceived to have been synonymous with various developmental challenges across environmental, social and economic lines. These challenges demand that we prioritise investments with the potential for environmental and socio-economic value creation for the continent and its people. Unarguably, no other sector and industry has this burden placed squarely on its shoulders like the financial services sector. No other continent has these opportunities in abundance for sustainable finance investors to tap into, like Africa. Little wonder the theme for this summit is apt.
He added, “Across the globe, we see some progress made by the Sustainable Banking and Finance Network (SBFN), in their effort to align sustainable finance frameworks and elevate the voice of emerging markets on the international stage. It is instructive that while SBFN on the global stage continues to lead the charge in advancing sustainable finance frameworks that are inclusive, transparent, and aligned with national development priorities and international trends, Africa should not be left behind.”
The keynote was delivered by Mohammed Aliyu, Country Officer, International Finance Corporation (IFC). He indicated, “The path ahead is clear. By embracing sustainable finance, we can unlock Africa’s vast potential in renewable energy and carbon sequestration while addressing our pressing climate challenges. This is not just an environmental imperative but an economic opportunity that can drive growth, create jobs, and facilitate a just transition to a low-carbon future. He added, “As we move forward, collaboration between the public and private sectors will be crucial. We must mobilise resources, develop supportive policies, and create an enabling environment for sustainable investments. The future of Africa – and indeed, the world – depends on the actions we take today. Let us seize this opportunity to build a more resilient, sustainable, and prosperous Africa through the power of sustainable finance.”
The first-panel session highlighted ‘Policy and Regulatory Support Required to Advance Sustainable Finance in Nigeria’, and the second was an interactive session with the press to share insights and clarifications on sustainable finance opportunities, risks and investments on the continent. The fireside chat with Etemore Glover, CEO, Impact Investors Foundation, was moderated by Dr Franklin Ugwu, Faculty, Lagos Business School. The fireside chat dwelt on how to design impact around opportunities, tracking and reporting impact investments, how policy enables impact investments, and giving national narratives to accelerate impact investments and sustainable finance on the continent. Jonathan Ikeolumba, LBS Sustainability Centre Research Affiliate, gave the summary of learnings and call to action, charging organisations and financial services sector players to deploy sustainable finance to drive growth and impact across key focus and growth areas on the continent.
Overall, industry leaders at the summit agreed on the need to localise solutions, integrate financial innovations such as blended finance and collaborate with key multi-sectoral stakeholders to unlock the economic, social and environmental value that sustainable finance holds for the continent’s future. Tosin Leye-Odeyemi, Head of Sustainability, Risk and Capital Management at Stanbic IBTC Holdings, closed the summit with her remarks. “We’ve heard today about the incredible opportunities that exist in areas such as renewable energy, climate-resilient infrastructure, green, social, gender and even blue bonds. We’ve also discussed the barriers that need to be overcome – whether regulatory, financial, or operational – to fully tap into the potential of these markets. But more importantly, we’ve recognised that we can overcome these challenges through collaboration and innovation.
She added, “It is clear that sustainable finance is no longer a niche consideration. It is central to the future of the global financial system, and it is the pathway to long-term resilience and prosperity. The conversations we have had today underscore that financial institutions, policymakers, and businesses all have a crucial role in aligning economic growth with sustainability goals. As we move forward, let us take with us the realisation that sustainable finance is about more than just managing risk or meeting regulatory requirements. It is about creating value—economic value, social value, and environmental value. It is about future-proofing our economies and making them more inclusive, resilient, and sustainable.”
