Vice-President Kashim Shettima is set to inaugurate a pivotal committee tasked by President Bola Tinubu with crafting Nigeria’s Carbon Market Activation Plan.
According to an official statement released on Wednesday, the inter-governmental committee’s primary objective is to formulate a National Carbon Market Activation Plan aimed at fostering green growth and facilitating a just energy transition.
Supported by the Africa Carbon Market Initiative, the Federal Government of Nigeria aims to implement a meticulously designed blueprint aimed at positioning the country as a hub for an efficient and sustainable carbon market ecosystem, estimated to be valued at $2.5 billion.
The genesis of this initiative traces back to Tinubu’s announcement during COP28 in December 2023, where he unveiled plans to establish the inter-governmental committee on carbon markets. He appointed Zach Adedeji, Chairman of the Federal Inland Revenue Service, and Dahiru Salisu, Director-General of the National Council on Climate Change, as co-chairs of the committee.
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Joining the co-chairs on the committee are representatives from various government ministries and departments, including the Ministry of Finance, Ministry of Environment, Ministry of Industry, Trade, and Investment, Ministry of Power, Ministry of Agriculture and Food Security, among others.
The committee’s mandate includes developing a comprehensive plan aimed at attracting investors by channeling investments into innovative, green, and sustainable initiatives across multiple sectors. Additionally, the plan emphasizes the importance of establishing credible carbon credits while ensuring the inclusion of local communities and indigenous groups.
Highlighting the government’s commitment to leveraging carbon markets for sustainable development, the statement cited the ongoing Electric Buses Rollout Programme as a tangible example. This initiative, spearheaded by President Tinubu, will serve as a pilot project for generating carbon credits.
Tinubu reiterated the government’s dedication to environmental stewardship, underscoring the strategic partnership with the Africa Carbon Market Initiative as a testament to Nigeria’s commitment to becoming an investment-friendly destination for carbon market investments.
In anticipation of the committee’s efforts, Zach Adedeji, co-chair of the National Carbon Market Activation Plan, expressed confidence in Nigeria’s ability to unveil a series of innovative, clean, and sustainable initiatives across various sectors. These initiatives, he emphasized, are strategically aligned to address climate change challenges while attracting global investments to Nigeria.
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