The Presidency on Sunday disclosed plans by the Nigerian Government in partnership with the African Development Bank (AfDB) and former Colombia President to pioneer a voluntary billion dollars’ worth Carbon Market in Africa.
According to the statement released by Laolu Akande, Senior Special Assistant on Media and Publicity, the collaboration is a component of the Federal Government’s efforts to meet the worldwide net-zero emissions target.
Vice President Yemi Osinbajo is a member of the newly established international Steering Committee for the Africa Carbon Markets Initiative (ACMI), which aims to promote the development and expansion of the market in Africa.
Osinbajo will be one of the Committee’s members, along with representatives from the United Nations, USAID, the Gates Foundation, and other international private sector players.
The Committee will be announced at the COP27 conference in Egypt early in November. Other members include the former president of Colombia, Ivan Duque Marquez, the president of the African Development Bank, Akinwumi Adesina, and others.
According to ACMI’s projections, Nigeria may create up to 30 million carbon credits yearly by 2030, which, at $20 per credit, would be worth more than $500 million annually.
“At this level of production, the industry could potentially support over three million employment in Nigeria,” the ACMI forecasts. Additionally, Nigeria only possesses a small percentage of Africa’s potential; as a result, the influence on the continent as a whole might be far bigger.
The jobs would be available from the time the market is able to launch until 2060, which is the duration of the energy transition.
Along with Damilola Ogunbiyi, CEO of Sustainable Energy for All, Samuel Thevasagayam, Deputy Director of the Gates Foundation, Gillian Caldwell, Chief Climate Officer of USAID, Annette Nazareth, Chair of the Integrity Council for Voluntary Carbon Markets, and David Antonioli, CEO of Verra, are also members of the committee.