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 , with the objective of facilitating the emergence and growth of the market in Africa.
ACMI’s estimates suggest that Nigeria alone could produce up to 30 million carbon credits per year by 2030, which at $20 dollars/credit would be worth over half a billion dollars annually.“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 Carbon Credit initiative prioritises the use of environmentally-friendly energy sources for domestic and industrial purposes. Household devices – like solar lanterns and clean cook stoves – contribute to expanding energy access and improving health outcomes, while carbon forestry credits enable the conservation of Nigeria’s rich biodiversity and support sustainable livelihoods.
The federal government is committed to supporting the development of the domestic carbon credit industry and is exploring strategies for how carbon credits can best catalyse investment and economic growth.
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