Vice-President Kashim Shettima has inaugurated the Intergovernmental Committee on Carbon Market Activation Plan to harness Nigeria’s vast carbon potential which exceeds $2 billion.
Shettima, while inaugurating the committee in Abuja on Thursday, March 7, 2024, said the initiative was in fulfillment of President Bola Tinubu pledge to reduce Nigeria’s carbon footprint.
The Vice-President said that the inauguration of the committee signified the Tinubu-administration’s focus on natural gas as a transition fuel.
He expressed hope that the initiative would attract investments, act as a catalyst for emission reduction and foster sustainable development in the country.
He, however, said that the needed intervention would not be achieved unless the best minds come together to oversee the transition, adding that the committee has capable hands to do this.
“(The gathering) today is part of the broader initiative to position Nigeria and, by extension, Africa in green growth manufacturing and industrialisation.
“Our mission is to meet the needs of the present while safeguarding the future and the beauty of it all is that Nigeria is largely a gas nation; we have more gas than oil.
“Since the bold step taken at the United Nations Climate Change Conference in Dubai to establish this committee, all eyes have been on Nigeria.”
The Vice-President emphasised that members of the committee must consider the initiative as a call for collaboration, innovation and collective action.
He said that the carbon market offers a remarkable opportunity to unlock billions for the climate finances of Nigeria and Africa.
“This initiative is not just about economic growth and creating green jobs, it is about protecting our ecosystem and driving climate action.
Shettima said that the administration would ensure decisive and cohesive leadership over the markets and institutions responsiveness for management of risk, capital and asset allocation.
He urged the committee to facilitate private capital inflow into carbon credit and safeguard investor’s interest.
Earlier in his remark, the Co-chair of the committee, Mr Zacch Adedeji, said the initiative held immense promise for Nigeria’s sustainable future.
He commended the Vice-President for his unwavering support and commitment to drive Nigeria’s carbon market agenda forward.
Adedeji gave the assurance that the committee would collaborate with the African carbon market initiative to harness Nigeria’s vast potential.
“Today’s inauguration is a testament to our collective determination to build a future where economic growth goes hand-in-hand with environmental stewardship,” Adedeji said.
In his remarks, Director-General of the National Council on Climate Change (NCCC), Dr Salisu Dahiru, said the committee had swung into action since December 2023, when it was established by Tinubu on the sidelines of COP28 in Dubai.
Dahiru, who is also a Co-Chair of the committee, explained that carbon market and trading was imperative to the management of climate change.
By Salisu Sani-Idris
