The theme of this year’s World Environment Day is “land restoration, desertification, and drought resilience.”
In a captivating chat with some of our leaders, on commemorating this year’s World Environment Day, we caught a glimpse of their personal experiences on the importance of land restoration and environmental resilience and the financial sector’s role.
This is how some Sterling Leaders responded to our questions:
What Role Does The Financial sector play to incentivize and support sustainable land management practices and investments that build environmental resilience?
The primary objective of every business is to maximize profits and shareholder value, but it is equally important to ensure the continuity and sustainability of the business. According to Yale Centre for Environmental Law and Policy, Nigeria is globally ranked 162nd in the environmental performance index and 150th in the ecosystem vitality index, both showing negative growth over the past decade.
This underscores the urgent need for the financial sector to play a pivotal role in championing sustainable land management practices and fostering environmental resilience. We build a more sustainable future for all by strategically engaging in green financing, investing in renewable energy, sustainable agriculture, conservation projects that help restore degraded lands and improve ecosystem vitality. In addition, we can incorporate environmental risk assessments into our decision-making processes, integrate environmental sustainability into our CSR initiatives, support capacity-building initiatives and policy advocacy that empower local communities and businesses to adopt sustainable land management practices.
Do you have any personal experiences or stories that have influenced your understanding of the importance of land restoration and environmental resilience?
One profound experience that shaped my view on the importance of land restoration and environmental resilience is witnessing the heavy flooding that occurs in different areas of Lagos during the rainy season, largely caused by man-made issues such as poor drainage, poor waste management etc., and its negative impact on the quality of life. People have to leave their homes during the rainy season and for those who have nowhere else, they stay in the flooded homes exposing them to various diseases.
Moreover, with climate change and rising water levels, it has become more urgent to foster a collaborative effort involving the government, local communities, environmental NGOs, and financial support from various institutions because environmental degradation distorts economic development. This collaboration aims to improve our biodiversity and make our ecosystem flourish.
- Korede Demola-Adeniyi.
- Executive Director, The Alternative Bank
What Role Does The Financial sector play to incentivize and support sustainable land management practices and investments that build environmental resilience?
The financial sector holds a pivotal role in fostering sustainable land management and enhancing resilience against desertification and drought. By prioritizing investments in initiatives such as green infrastructure, sustainable agriculture, and restoration projects, we can mitigate the adverse impacts of land degradation on the environment.
At Sterling Bank, we are committed to integrating environmental, social, and governance (ESG) criteria into our risk assessment processes. This not only supports the transition to a more sustainable economy but also ensures long-term value creation for our stakeholders. Through strategic partnerships and innovative financing solutions, we aim to empower communities, promote biodiversity, and contribute to a resilient and thriving environment
- Olutoye Ambekemo
- Chief Risk Officer, Sterling Bank
What Role Does The Financial sector play to incentivize and support sustainable land management practices and investments that build environmental resilience?
By blending sustainability into finance, we’re not just managing capital; we’re building a better world. Investing in projects that restore land, fight desertification, and bolster resilience against drought means we’re not just safeguarding our finances, but also our planet’s health. It’s about nurturing life on Earth while securing long-term economic stability. This is what we do well in Sterling Bank.
- Olushola Obikanye
- Group Head Agric Finance and Solid Minerals
Remember we cannot turn back time, but we can grow forests, revive water sources, and bring back soils. We are the generation that can make peace with land. Click here to learn about our commitment to improving lives and creating a sustainable world.
