Shettima unveils committee on energy transition, targets $ 2.5b
VICE President Kashim Shettima will, today, at the Presidential Villa, inaugurate the committee that has been directed by President Bola Ahmed Tinubu to develop the National Carbon Market Activation Plan ( NCMAP). 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 Africa Carbon Market Initiative ( ACMI), will be working towards the implementation of a blueprint aimed at positioning the country with requisite frameworks and policies to drive an efficient and sustainable carbon market ecosystem.
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 DirectorGeneral of the National Council on Climate Change ( NCCC), Dr Dahiru Salisu, to co- chair the committee. The co- chairs will be joined by representatives from different government ministries and departments as part of the National Carbon Market Activation Plan Committee.
The representatives include, Ministry of Finance/ Coordinating Minister of the Economy, The Ministry of Environment, The Ministry of Industry, Trade and Investment, The Ministry of Power, The Ministry of Agriculture and Food Security, The Special Advisor to the President on Climate & NEC, The Managing Director,
Nigeria Sovereign investment Authority.
These committee members have been tasked with ensuring the forthcoming plan offers a roadmap for making Nigeria an attractive hub for investors by focusing on driving investments in innovative, green and sustainable initiatives across diverse sectors, with a focus on 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 concrete example of how the Government is committed 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.
Speaking at 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.”
Zacch Adedeji, Co- Chair of the National Carbon Market Activation Plan said, “In the immediate term, Nigeria will proudly unveil a series of innovative, clean, modern, and sustainable initiatives across diverse sectors. These initiatives are strategically designed to not only address climate changerelated challenges but also to position Nigeria as an attractive destination for global investments.”