Reps back Green and Climate Finance Bank proposal, endorsing private plan to mobilise capital for renewable energy and climate projects

The House of Representatives on Wednesday endorsed the proposed establishment of a Green and Climate Finance Bank for Nigeria, describing the initiative as a strategic intervention to deepen renewable energy financing and climate-aligned investments.

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Chairman of the House Committee on Renewable Energy, Afam Ogene, made the position known during a joint media briefing with Quantum Partners, promoters of the proposed bank, in Abuja.

Afam Ogene, who represents Ogbaru Federal Constituency of Anambra State, said the proposal aligns with Nigeria’s energy transition goals and the Federal Government’s drive to expand renewable energy as a pathway to enhanced energy security.

Afam Ogene described the planned institution as timely and forward-looking, noting that it is designed to mobilise private capital, deploy innovative risk-sharing tools and provide long-term financing tailored to renewable energy and other climate-focused sectors.

According to Afam Ogene, the proposed bank would support small and medium-sized enterprises, women-led businesses, green innovators and infrastructure developers working to build a sustainable economy.

Afam Ogene emphasised that the initiative is a private sector-led project with a governance framework aligned to global environmental, social and transparency standards, rather than a government-owned bank.

Afam Ogene said legislators would focus on creating an enabling environment through supportive policies that encourage renewable energy deployment, strengthen investor confidence and promote sustainable finance frameworks.

Speaking on behalf of Quantum Partners, Oluwafemi Adedipe said the Green and Climate Finance Bank is being conceived as a platform to mobilise large-scale capital for Nigeria’s transition to a low-carbon economy.

Oluwafemi Adedipe noted that Nigeria faces acute climate vulnerabilities, including floods, drought and desertification, while also presenting significant investment opportunities in renewable energy, climate-smart agriculture, green infrastructure and circular economy ventures.

Citing industry estimates, Oluwafemi Adedipe said Nigeria’s climate investment opportunity could reach approximately $104bn by 2030, stressing that the challenge lies in structuring risk and mobilising capital at scale.

Oluwafemi Adedipe said the proposed bank would bridge the gap between green projects and capital markets by offering flexible financing solutions tailored to renewable energy developers, sustainable agriculture enterprises and other climate-aligned businesses.

Co-founder of Quantum Partners, Samuel Ndubuisi-Brown, disclosed that promoters are targeting an initial $100m in founding capital to secure regulatory approvals, build digital infrastructure and commence lending, with operations projected to begin in 2026.

Samuel Ndubuisi-Brown described the initiative as a dual opportunity for investors, combining potential financial returns with measurable environmental and social impact, while strengthening Nigeria’s resilience to climate risks.

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The endorsement by the House of Representatives signals growing legislative support for market-driven solutions aimed at accelerating Nigeria’s clean energy transition and positioning the country as a competitive destination for climate finance.