By Olivia Hart

Sterling Bank will support two Nigerian state climate programmes at COP31, with Lagos targeting an estimated US$25 billion–US$50 billion climate investment opportunity across more than 300 prospective projects.

The 31st United Nations Climate Change Conference runs from 9 to 20 November 2026 in Antalya, Türkiye. Sterling will work with the Lagos and Ondo State governments to unlock climate investment opportunities, expand sustainable-finance access and link state development plans with global investors and development finance institutions.

Funding remains vital to accelerating Nigeria’s energy transition and infrastructure growth, but escalating coastal erosion and flooding have made practical adaptation solutions more urgent. The approach reflects subnational governments’ growing role in Nigeria’s climate response: building climate-resilient infrastructure while protecting communities already absorbing environmental damage.

Dele Faseemo, Group Executive, Corporate and Investment Banking at 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.”

What will Sterling Bank do in Lagos?

Under the Office of Climate Change and Circular Economy, or OCCE, Lagos will convene international investors, financial institutions and strategic partners around its climate investment programme. The pipeline covers six areas:

• Renewable energy
• Sustainable transport
• Waste management
• Climate-resilient infrastructure
• Agriculture
• Green enterprise

Lagos Climate Investment Day on 13 November 2026 will present the state’s investment pipeline and engage prospective financing partners. The event will explore structures capable of moving priority projects towards implementation. Sterling will contribute expertise on project bankability, sustainable investment and private-sector participation.

What does Ondo need from investors?

Sterling Bank will support the Ondo State Oil Producing Areas Development Commission, or OSOPADEC, in drawing international attention to the crisis affecting Aiyetoro and other coastal communities in Ilaje Local Government Area.

At a Nigeria Pavilion side event themed ‘Saving the Vanishing Coast,’ the commission will highlight rising sea levels, coastal erosion and environmental degradation. The engagement will seek partnerships for long-term coastal protection, infrastructure development and economic recovery.

Why has the Ilaje crisis become a financing priority?

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

These are the economic and social costs of climate inaction for communities with limited resources to withstand repeated environmental shocks.

What does the coastal-resilience roadmap cover?

At the Nigeria Pavilion, OSOPADEC will present a coastal-resilience roadmap covering five priorities:

• Shoreline protection and land reclamation
• Climate-resilient infrastructure
• Clean water and energy access
• Restoration of fisheries and blue-economy livelihoods
• Early-warning systems

Sterling’s participation will support engagement on potential financing structures and development partnerships. Proposed discussions include institutions such as the Green Climate Fund and the World Bank, particularly its West Africa Coastal Areas programme.

How does this fit Sterling’s wider strategy?

Sterling’s participation builds on its HEART strategy, which prioritises Health, Education, Agriculture, Renewable Energy and Transportation. The bank continues to support clean-energy adoption, sustainable agriculture and low-emission mobility, sectors central to Nigeria’s economic development and climate transition.

A US$30 million senior credit facility signed with Proparco recently reinforced that approach. Proparco, the private-sector subsidiary of the Agence Française de Développement Group, will support expanded financing for renewable-energy projects and small and medium-sized enterprises across Nigeria’s agricultural value chain.

The arrangement extends Sterling’s work with development finance partners to increase capital access in sectors where financing can support economic growth and environmental sustainability.

What comes after COP31?

Sterling and OSOPADEC will continue discussions on the Ilaje coastal-resilience agenda beyond COP31. Preparations for a proposed international conference in March 2027 will build on the Antalya discussions and advance potential partnerships and financing commitments for coastal interventions.