The Renewable Energy Association of Nigeria (REAN) and Access Bank have displayed their commitment towards ensuring that renewable energy issues are brought into the front burner.
This was demonstrated at the Renewable Energy Conference 2024 organised by REAN with the theme, “Unlocking affordable energy for all”.
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Ayo Ademilua, President of Renewable Energy Association of Nigeria (REAN), while speaking on the collaboration between REAN and Access Bank, said the association is honoured to have the bank as a partner in the quest to promote renewable agenda.
He said, “We are glad that Access Bank is in this with us. The kind of renewed drive demonstrated by Access bank in the recent few weeks concerning our industry is very encouraging.
“I had a chat with a team that is here about a few minutes ago, letting them understand that we are willing to support and collaborate with them and I believe that with the collaborations with us, guiding and helping in the way, I see that they have the drive and the willingness to support and to drive clean energy access.
“So, I believe that they will put actions behind those words”.
Speaking on funding, Ademilua said the association is hopeful of remarkable financial support from the bank.
“Access Bank has assured us that they have got some big pockets to be able to fund projects in our sector right now. and I have been looking to see them demonstrate that, maybe within the next one year, if we can have $50 million to $100 million in terms of push towards projects from them, It will be fantastic”, Ademilua said.
While briefing the gathering, Gregory Jobome, Executive Director, Risk Management, Access Bank, said the bank sees the REAN Annual General Meeting as a unique one, while the theme of the meeting speaks directly to a core challenge faced in Nigeria and, indeed, across Africa.
He said, “At Access Bank, we recognize that energy is not only the backbone of economic development but a fundamental need that touches every aspect of life. Our commitment to supporting renewable energy initiatives stems from the belief that affordable and sustainable energy is essential for a brighter, more inclusive future for all Nigerians.
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“Today, we stand at a crossroads where renewable energy is not just an aspiration but a necessity. Access Bank is proud to work with REAN and other industry players to support projects that can transform Nigeria’s energy landscape. We know that financing sustainable solutions requires more than just funding; it requires vision, partnerships, and a commitment to removing the barriers that have traditionally restricted access to affordable energy.
Through collaborative efforts and innovative financing solutions, we can create a framework that attracts the necessary investments, fosters local manufacturing, and incentivizes clean energy projects. At Access Bank, we are dedicated to supporting these endeavors with sustainable financing models that drive development in both urban and rural areas, ensuring that affordable energy is accessible to everyone.
“This Annual General Meeting provides the unique platform to share ideas, insights, and strategies that can propel us toward achieving universal energy access. I am inspired by the work that each of you is doing in this field and am confident that our discussions today will lay the groundwork for impactful progress”.
In a chat with Daily Independent on the sideline of the AGM, Jobome said the bank has been into sustainability since around 2006 and has always been keen to make an impact in the country.
He said, “We are in it, not just for the profits, for the money making, which is important to sustain an institution, but it also has to be impactful on people in the communities that we operate in.
“We also have to impact our planet positively. Now, these are things that came from exposure. We got very early exposure in a global context, working with the likes of the IFC, FMO, DG, World Bank and other global players, and that early interaction and that global scale meant we were able to make the business case for operating in this manner, and that’s why we set up a sustainability unit, since 2008 that has staff in it.
“We have been running this for a while, and we have supported the banking industry to create Nigeria’s sustainable banking principles, which are the principles that all banks in Nigeria have to report on to our regulator, the Central Bank of Nigeria (CBN).
Access Bank has been into sustainability since around 2006 2007 and we have always been keen to make an impact in the country. Because the people speak about the Triple P. profit planet and people
So that’s the origin of our interests. We made a business case that actually makes business sense to operate in a sustainability driven manner, because you have nothing to lose if what you are doing is making you money and it is also uplifting the operating environment, operating SMEs, uplifting all of these communities.
“So it is not only a matter of, why are we doing this. It is a matter of why everybody is not doing it, because really, that is a win, win situation. So that is how we got into it, and we have sustained it for these years.
“Right now, we are at the cusp of further transformation for our country. The world as a whole is transforming, in terms of the net zero journey and in terms of the Sustainable Development Goals (SDGs). Access Bank has been preparing for this for a long time, so, we are not going to be found wanting and we are leading that chart to ensure that more and more of our colleagues and players participate in this journey”.
