The University of Nigeria, Nsukka, (UNN), says Nigeria estimated over two billion dollars on carbon market activation programme by 2030.
Prof. Nnaemeka Chukwuone, Director, Resource and Environmental Policy Research (REPRC), UNN, Environment for Development (EfD) initiative, Nigeria, disclosed this at a one-day workshop in Abuja on Monday.
The workshop, which was tagged “Exploring the Potentials and Voluntary Carbon Market”, was organised by (REPRC/EfD) initiative.
Chukwuone said that a huge of revenue was attached to carbon market, adding that efficient implementation of carbon market would improve job opportunities in the country.
“Under the carbon market activation programme, it is estimated that Nigeria will have over two billion dollars by 2030.
“I believe that if things are done well, it will go beyond that because it will generate alot 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 coming 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 were trading systems that allowed governments and non-state actors to buy and sell carbon credits.
Prof. Polycarp Chigbu, Acting Vice Chancellor, UNN, said that REPRC was established to advance interdisciplinary research, capacity building and policy advocacy on different dimensions of environmental and resource economics.
Chigbu said that carbon market were 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).
“The 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 that the project was aimed to explore the complexity of carbon markets and focusing on voluntary markets
He said that the outcome of the project would improve the design and implementation protocols for carbon markets creation, and increase capacity and awareness of carbon market in the global south.
Chigbu said that the essence of the project was to reduce carbon emission which causes climate change.
He said that the effort would also help Nigeria to achieve its targets in the Nationally Determined Contributions (NDCs), which is in line with Paris agreement.
Dr Nkiruka Maduekwe, Director-General, National Council on Climate Change Secretariat, said that the carbon market was 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 other relevant stakeholders to support the 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 are needed on deck to push this to where it needs to be.
“The collaboration of relevant stakeholders will help to achieve this goals,” she said. (NAN)
