Climate change: Nigeria to reduce emissions through carbon market

The Federal Government of Nigeria has said it is committed to reducing GreenHouse Gas (GHG) emissions through operation of a carbon market that will mitigate climate change impacts and drive sustainable economic development. The Minister of Environment, Alhaji Balarabe Lawal, said the carbon market which would enhance Nigeria’s climate finance had the potential to produce […]

The Federal Government of Nigeria has said it is committed to reducing GreenHouse Gas (GHG) emissions through operation of a carbon market that will mitigate climate change impacts and drive sustainable economic development.

The Minister of Environment, Alhaji Balarabe Lawal, said the carbon market which would enhance Nigeria’s climate finance had the potential to produce millions of tonnes-worth of carbon credits annually by 2030 through projects like reforestation, renewable energy, waste-to-energy and improved cooking stoves.

The minister, who was represented by the Permanent Secretary, Alhaji Mahmud Kambari, at a workshop titled: “Nigeria’s Carbon Market Framework: Article 6 Training & Implementation Design”, in Abuja on Tuesday, said the market had potential for the country’s growth and development.

He said, “Unlocking Nigeria’s carbon market opportunities holds potential for sustainable growth, economic development and climate change mitigation. Collaborating with international partners, capacity building and targeted investments can help actualise these potential.”

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He stressed that Nigeria had demonstrated commitment to reducing emissions through engagement with relevant partners and initiatives.

Earlier, the Director General of the National Council on Climate Change, Dr Salisu Dahiru, said the carbon market would provide the framework and mechanism for a trading scheme that would bring down emission levels and “can catalyse and mobilise private sector actors’ involvement, attract investment and encourage international cooperation.”

He added that, “The Nigerian government launched the Emissions Trading Scheme (ETS), which is to provide policy recommendations that will guide the national transition of a green economy. The establishment of the trading scheme is in line with the legal framework provided in the Climate Change Act 2021 to help in the reduction of greenhouse gas emissions through a carbon market-based approach to meet its net zero target.

Daily Trust reports that the carbon market is a trading system in which carbon credits are sold and bought. Companies or individuals can use the carbon market to compensate for their greenhouse gas emissions by purchasing carbon credits from entities that remove or reduce greenhouse gas emissions.