The Federal Government is set to pioneer a voluntary Carbon Market on the continent.
According to the government, the carbon market is a new and innovative climate change solution that will create, over the period of an energy transition, millions of new jobs in Nigeria. It stated that this is part of its effort to attain the global net-zero emissions target.
A statement by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande, revealed that the Vice President, Prof. Yemi Osinbajo, is a member of the recently formed international Steering Committee for the Africa Carbon Markets Initiative which is aimed at facilitating the emergence and growth of the market in Africa.
It further stated that other members of the committee, which would be announced at the COP27 meeting in Egypt, are former President of Colombia, Ivan Duque Marquez; President of the African Development Bank, Akinwumi Adesina, among others, including officials of the United Nations, USAID, Gates Foundation, and other international private sector players.
The statement read in parts, “ACMI’s estimates suggest that Nigeria alone could produce up to 30 million carbon credits per year by 2030, which at $20/credit would be worth over half a billion dollars annually.
“According to the estimates by the ACMI, “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.”
“The jobs would span the period of the energy transition, starting from the time the market is able to kickoff, till 2060.”
It said the committee will be inaugurated at the forthcoming International Climate Change Conference in Egypt. According to the statement, the Carbon Credit initiative will prioritise the use of environmentally friendly energy sources for domestic and industrial purposes.
It added, “As part of this vision, Nigeria aims to pioneer innovative climate solutions that will benefit Africa and the world. One of these solutions is the production and sale of carbon credits, which have enormous potential for Africa that is only beginning to be explored.”