Sterling Bank Takes Lagos’ $50bn Climate Pipeline, Ondo’s Vanishing Coast to COP31

Sterling Bank is taking Nigeria’s climate financing push to the 31st United Nations Climate Change Conference (COP31) in Antalya, Türkiye, holding from 9 to 20 November 2026, through strategic engagements with Lagos and Ondo States.

The Bank’s participation will focus on advancing climate investment opportunities, expanding access to sustainable financing, and connecting state-led priorities with international investors and development finance institutions.

Lagos: 300+ projects, $25–50bn opportunity

Sterling Bank will participate in the Lagos State Government’s COP31 programme, which is advancing an estimated US$25–50 billion climate investment opportunity spanning over 300 potential projects.

Led by the Office of Climate Change and Circular Economy (OCCE), the initiative will bring together global investors, financial institutions and strategic partners to explore opportunities in renewable energy, sustainable transportation, waste management, climate-resilient infrastructure, agriculture and green enterprise.

A major highlight is Lagos Climate Investment Day on 13 November 2026, where the State will present its investment pipeline and engage prospective financing partners. Sterling Bank will contribute expertise on project bankability, sustainable investment and private-sector participation in Lagos’ climate agenda.

Ondo: Saving the Vanishing Coast

In Ondo, Sterling Bank is supporting the Ondo State Oil Producing Areas Development Commission (OSOPADEC) to draw international attention to the environmental crisis facing Aiyetoro and other coastal communities in Ilaje Local Government Area.

The COP31 sideline engagement, themed ‘Saving the Vanishing Coast,’ will highlight rising sea levels, coastal erosion and environmental degradation, and seek partnerships for long-term coastal protection, infrastructure development and economic recovery.

Research on shoreline changes along the Ilaje coast found that about 86% of the coastline studied had experienced erosion. Aiyetoro, once a thriving fishing community, has suffered extensive land loss, damage to homes and public infrastructure, and disruption to livelihoods.

Through its programme at the Nigeria Pavilion, OSOPADEC will present a coastal-resilience roadmap covering shoreline protection and land reclamation, climate-resilient infrastructure, clean water and energy access, restoration of fisheries and blue-economy livelihoods, and early-warning systems.

Sterling Bank will support engagements to identify financing structures and development partnerships, including proposed discussions with the Green Climate Fund and the World Bank, particularly its West Africa Coastal Areas programme.

Financing must deliver beyond COP31

Commenting on the Bank’s participation, Dele Faseemo, Group Executive, Corporate and Investment Banking, Sterling Bank, said:

“Climate change is already changing the way our cities function and how communities earn a living. Lagos has identified significant opportunities to invest in infrastructure that will support its long-term growth, while the situation in Aiyetoro shows what happens when vulnerable communities are unable to protect themselves against environmental threats. These are different challenges, but both require financing, credible projects and sustained collaboration. Our focus at COP31 is to work with the states and development partners to identify practical financing arrangements that can support implementation. The measure of progress will be what we are able to deliver beyond the conference.”

Sterling Bank’s participation builds on its HEART strategy — Health, Education, Agriculture, Renewable Energy and Transportation — through which it supports clean energy adoption, sustainable agriculture and low-emission mobility.

The commitment was recently reinforced by a US$30 million senior credit facility signed with Proparco, the private-sector subsidiary of the Agence Française de Développement (AFD) Group, to expand financing for renewable energy projects and SMEs across Nigeria’s agricultural value chain.

Beyond COP31, the Bank’s engagement with OSOPADEC is expected to support continued dialogue on the Ilaje coastal-resilience agenda, including preparations for an international conference proposed for March 2027 to advance partnerships and financing commitments.