The Director, Research Environment Policy Research Center, Prof. Nnemeka Chukwuone has disclosed that revenue projection from the carbon market may to go over $2billion by 2030.
This he said will be achieved through job creation, adding that if things are done the right way,the financial projection will hit record high. The gains are very enormous, as he hints on reduction of carbon emissions involving climate change which will help Nigeria achieve its target with the National Determined Contribution (NDC) in line with the Paris agreement.
Prof. Nnemeka stated this during the stakeholders workshop on exploring the potential and challenges of voluntary carbon market in Nigeria by REPRC in Abuja, stating that the carbon market is about offset, if you have it in the forestry sector you will have a lot of money coming in.
The Director-General, CEO National Council on Climate Change Secretariat, Dr Nkiruka Maduekwe said Nigeria is operationalizing Article 6, the carbon market presents opportunities for Nigeria to address its mitigation using Article 6. In Nigeria today Article 6.4 is good to go. 6.2 was between countries, 6.4 allows for private sectors coming into the space.
She said: “Nigeria currently has a carbon market policy, again Nigeria is looking at the voluntary carbon market and operationalizing article 6.4, the country is also looking at the compliance and the carbon tax. Again there is the climate change act that talks about how to get funding for pushing Nigeria’s climate change action. This all forms what you call the carbon market.
Speaking, the Acting Vice Chancellor, University of Nigeria, Nsukka Prof. Polycarp Emeka said this workshop will explore the potential and challenges of establishing voluntary carbon markets in Nigeria. The project will employ multiple methods for analysis across the selected countries, which are, Cote d Invite, Ghana, Kenya, Morocco, Nigeria and Rwanda.
