The Federal Government has announced its partnership with the African Development Bank (AfDB) and former Colombia President to establish a voluntary billion dollarsโ worth of Carbon Market in Africa.
In a statement On Sunday, the presidency said that the project is a new and innovative climate change solution, which is expected to create millions of jobs in Nigeria and that the collaboration is part of the FGโs efforts to attain the global net-zero emissions target.
Recall that an international Steering Committee for the Africa Carbon Markets Initiative (ACMI) with the objective of facilitating the emergence and growth of the market in Africa was recently formed with Vice President, Yemi Osinbajo as one of the members.
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Other members of the Committee, which would be announced early in November at the COP27 meeting in Egypt are former President of Colombia, Ivan Duque Marquez; President of AfDB, Akinwumi Adesina, among others, as well as officials of the United Nations, USAID, Gates Foundation and other international private sector players.
According to ACMIโs estimates, 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.
โAt this level of production, the industry could potentially support over three million Nigerian jobs. And Nigeria has only a portion of Africaโs total potentialโthe impact for the continent as a whole could be far greater,โ the estimate shows.
Equally on the ACMI committee are the CEO of UN-based Sustainable Energy for All, Damilola Ogunbiyi; Deputy Director, of Gates Foundation, Samuel Thevasagayam; Chief Climate Officer, USAID, Gillian Caldwell; Chair of Integrity Council for Voluntary Carbon Markets, Annette Nazareth; and CEO, Verra, David Antonioli.
Story was adapted from the Guardian.
