The Federal Government says plans are underway to establish a carbon market mechanism, for Nigeria to meet and exceed its carbon emission reduction target by 2030.
Speaking at a workshop to activate the country’s carbon market plan, Minister of Environment, Balarabe Lawal said the mechanism will create the needed footing for Nigeria to access extra fund and technical support to drive its climate resilience and mitigation projects.
Despite its low carbon emission, Nigeria has pledged a 20% unconditional and 47% conditional greenhouse gas emission reduction by 2030 and has shown willingness to implement this Nationally Determined Contributions NDCs beyond the set target.
This workshop is a step by the Federal Government to work out the country’s carbon market mechanism that will enable it take advantage of opportunities that exist in the global carbon trade.
Speakers have therefore identified Nigeria as an investment destination for clean energy transition opportunities that can drive sustainable development for the country.
With the assistance of the United Nations Development Programme, UNDP and other development partners, Nigeria is set to use its energy transition plan to take advantage of global climate action opportunities in line with Article 6 of the Paris Agreement.
(Editor: Terverr Tyav)
