The Federal Government of Nigeria, through the Nigeria Sovereign Investment Authority (NSIA) and Vitol, an energy and commodity trader have established a joint venture company known as Carbon Vista to invest in climate-smart agriculture, green industrial technologies and waste management.
According to a tweet by Tolu Ogunlesi, Special Assistant On Digital/New Media to President Muhammadu Buhari, NSIA and Vitol have agreed to make an initial commitment of $50 million to this new venture.
NSIA and Vitol launched cooperation in July of last year to reduce greenhouse gas emissions in Nigeria by funding initiatives that address serious environmental and climatic risks.
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The two organisations intended to create a joint venture under the terms of the agreement to invest in a variety of high-quality, socially significant, carbon avoidance and removal projects.
To successfully provide high-quality projects that combine carbon offsetting with social benefits that support UN Sustainable Development Goals, the strategy calls for investing solely in projects in Nigeria and collaborating with local non-governmental organizations having a track record of doing so.
Story was adapted from Business Day
