Nigeria’s Vice President, Professor Yemi Osinbajo, has presented five objectives that should be met by COP 28, which is anticipated to take place in Dubai from November to December 2023.
Osinbajo presented the objectives while giving a speech at a meeting on the African Carbon Markets Initiative (ACMI) at the Rockefeller Foundation in New York over the weekend.
During the meeting, Osinbajo stated that the Federal Government is attempting to address the climate change challenges in the country.
He said, “We passed our Climate Change Act, earlier this year, and together with Sustainable Energy for All (SEforALL) and Global Energy Alliance for People and Planet (GEAPP) have also developed our own net-zero energy transition plan.
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He noted that, “by COP 28, we need to be able to show real results. I would propose that by COP 28, we should be able to deliver 5 things, including that at least 5 countries should have developed country activation plans and Nigeria will be one of them”.
Speaking further, he said, “We should have Advanced Market commitments of over $1 billion,”. “We should be developing new projects based on new methodologies and realities of Africa like diesel replacement credits. “We should be scaling up more than a dozen project developers or carbon credit suppliers as they would be known then“And most importantly, by COP 28, we should have retired more than 40 million carbon credits on the continent.”
In his response, the US Presidential Envoy on Climate Change, John Kerry said that it was feasible to establish a high-integrity carbon market to address both climate change and African development objectives.
He also emphasized the need for the developed world to increase its support in addressing the climate catastrophe and expressed satisfaction that all interested parties were working together to provide funds.
Story was adapted from Nairametrics.
