University of Nigeria, Nsukka, UNN, said Nigeria estimates over $2 billion on carbon market activation programme by 2030.
Director of Resource and Environmental Policy Research, REPRC, UNN, Environment for Development, EfD, initiative, Nigeria, Professor Nnaemeka Chukwuone, disclosed this at a one-day workshop in Abuja, yesterday.
The workshop, tagged ‘Exploring the Potentials and Voluntary Carbon Market,’ was organised by, REPRC/EfD, initiative.
Chukwuone said huge of revenue is attached to the carbon market, adding that efficient implementation would improve job opportunities in the country.
“Under the carbon market activation programme, it is estimated that Nigeria will have over $2 billion by 2030.
“I believe that if things are done well, it will go beyond that because it will generate a lot of revenue. It will also create job opportunities.
“For instance, if we have offsets in the forestry, agriculture or even energy sector, the country will have a lot of money from carbon markets.
“It will also help to sustain the environment in terms of biodiversity conservation and ecosystem,” he said.
The director explained that carbon markets are trading systems that allow governments and non-state actors to buy and sell carbon credits.
In his address, Acting Vice Chancellor of UNN, Professor Polycarp Chigbu said REPRC was established to advance interdisciplinary research, capacity building and policy advocacy on different dimensions of environmental and resource economics.
Chigbu said carbon market was recognised as key to transitioning to a low-carbon economy.
“Carbon markets are into two categories, which involves, compliance carbon market and Voluntary Carbon Market, VCM.
“VCM encompasses all transactions of carbon offsets not purchased under a regulated carbon market, while compliance carbon market are market places through which regulated entities obtain offsets under regulatory regimes,” he said.
Chigbu said the project is aimed at exploring the complexity of carbon markets and focusing on voluntary markets
He said the outcome of the project would improve the design and implementation protocols for carbon markets creation and increase its capacity and awareness in the global south.
Chigbu said the essence of the project is to reduce carbon emission which causes climate change.
He said the effort would also help Nigeria achieve its target in the Nationally Determined Contributions, NDCs, which is in line with the Paris agreement.
The Director-General, National Council on Climate Change Secretariat, Dr Nkiruka Maduekwe said the carbon market is an opportunity for Nigeria to address climate change.
“We know that climate change is a serious problem today and the carbon market is an opportunity to address this issue appropriately.
Maduekwe urged relevant stakeholders to support government and REPRC/EfD, initiative for effective implementation of the project.
According to her, this project will create enormous opportunities for the country, so, all hands should be on deck to push this to where it needs to be.
