Nigerian Government is pioneering a voluntary billion dollars’ worth Carbon Market on the continent.
Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, disclosed this a statement on Sunday in Abuja.
He said “It is an innovative climate change solution which will create, over the period of energy transition, millions of new jobs in Nigeria alone, according to estimates of the international experts.
The initiative is part of efforts of the Federal Government to attain the global net-zero emissions target.
The vice president is a member of the recently-formed international Steering Committee for the Africa Carbon Markets Initiative (ACMI), with the objective of facilitating the emergence and growth of the market in Africa.
Besides Osinbajo, other members of the Committee of the ACMI, which would be announced early in November at the COP27 meeting in Egypt, are former President of Colombia, Ivan Duque Marquez, and President of the African Development Bank, Akinwumi Adesina.
Officials of the United Nations, USAID, Gates Foundation and other international private sector players are also members.
ACMI’s estimates suggest that Nigeria alone could produce up to 30 million carbon credits per year by 2030, which at US$ 20 dollars/credit would be worth over half a billion dollars annually.
“At this level of production, the industry could potentially support over 3 million Nigerian jobs.
“And Nigeria has only a portion of Africa’s total potential – the impact for the continent as a whole could be far greater,” ACMI’s estimates indicate.
The jobs would span the period of the energy transition, starting from the time the market is able to kick off till 2060.
The committee will be inaugurated at the forthcoming International Climate Change Conference in Egypt, tagged COP 27, with the aim to lead advocacy for the realisation of the Carbon Credits initiative as an effective way of reducing emissions while financing green growth across Africa.
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The Carbon Credit initiative prioritises the use of environmentally-friendly energy sources for domestic and industrial purposes.
credit: PM News
