The Presidency on Sunday disclosed plans by the Federal Government in partnership with the African Development Bank (AfDB) and former Colombia President to pioneer a voluntary billion dollars’ worth Carbon Market in Africa.
In a statement on Sunday, the Presidency explained that the project is a new and innovative climate change solution, which will create millions of jobs in Nigeria alone, according to estimate of international experts. The statement made available by Senior Special Assistant on Media and Publicity, Laolu Akande, explained that the collaboration is part of Federal Government’s efforts to attain the global net-zero emissions target.
Vice President Yemi Osinbajo is a member of the recently formed international Steering Committee for the Africa Carbon Markets Initiative (ACMI) with the objective of facilitating the emergence and growth of the market in Africa. Apart from Osinbajo, other members of the Committee, which would be announced early in November at the COP27 meeting in Egypt are former President of Colombia, Ivan Duque Marquez; President of AfDB, Akinwumi Adesina, among others, as well as officials of the United Nations, USAID, Gates Foundation and other international private sector players. ACMI’s estimates suggest that Nigeria alone could produce up to 30 million carbon credits per year by 2030, which at $20/credit would be worth over half a billion dollars annually. According to the estimates by the ACMI, “at this level of production, the industry could potentially support over three million Nigerian jobs. And Nigeria has only a portion of Africa’s total potential—the impact for the continent as a whole could be far greater.”
The jobs would span the period of the energy transition, starting from the time the market is able to kickoff, till 2060. Also on the committee are the CEO of UN-based Sustainable Energy for All, Damilola Ogunbiyi; Deputy Director, Gates Foundation, Samuel Thevasagayam; Chief Climate Officer, USAID, Gillian Caldwell; Chair of Integrity Council for Voluntary Carbon Markets, Annette Nazareth; and CEO, Verra, David Antonioli.