- The Carbon Market Activation Plan will accelerate green growth and Just Energy Transition, which promises $2.5bn for the nation’s economy.
- At COP28, Tinubu appointed the Executive Chairman of FIRS and the DG of NCCC to co-chair the committee.
The Vice President of Nigeria, Kashim Shettima, will inaugurate the committee to develop the National Carbon Market Activation Plan (NCMAP) at the Presidential Villa today. The plan is expected to accelerate green growth and just energy transition, which promises $2.5 billion for the nation’s economy. The Federal Government, supported by the Africa Carbon Market Initiative (ACMI), will work towards implementing a blueprint to position the country with requisite frameworks and policies to drive an efficient and sustainable carbon market ecosystem.
President Bola Ahmed Tinubu had earlier announced the creation of the inter-governmental committee on carbon markets at COP28 in December 2023 and appointed the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, and the Director-General of the National Council on Climate Change (NCCC), Dr Dahiru Salisu, to co-chair the committee. Representatives from different government ministries and departments will join the co-chairs as part of the National Carbon Market Activation Plan Committee.
The representatives include the Ministry of Finance/Coordinating Minister of the Economy, Ministry of Environment, Ministry of Industry, Trade and Investment, Ministry of Power, Ministry of Agriculture and Food Security, Special Advisor to the President on Climate & NEC, and Managing Director, Nigeria Sovereign Investment Authority. The federal government has tasked these committee members with ensuring the forthcoming plan offers a roadmap for making Nigeria an attractive hub for investors. This is by focusing on driving investments in innovative, green and sustainable initiatives across diverse sectors and establishing high-integrity and credible carbon credits.
The plan also aims to ensure the inclusion of local communities and indigenous groups. The current Electric Buses Rollout Programme is a typical example of the government’s commitment to using carbon markets to finance sustainable development. This pilot launched by President Tinubu will be used as one of the pilot projects for generating carbon credits. At the inauguration COP28, President Tinubu said, “This initiative stands as a testament to our dedication to environmental stewardship as clearly exemplified through our collaboration with the Africa Carbon Market Initiative. Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.”