From Isaac Anumihe, Abuja
As part of moves to reduce carbon emission, Acting Vice chancellor, e of Nigeria (UNN), Nsukka, Professor Pokycarp Emeka Chigbue, today, disclosed the benefits derivable from the adoption of Voluntary Carbon Market (VCM), saying that the revenue from the market is estimated at $2 billion globally in 2021 while Africa alone would get over $1.5 trillion by 2050
Speaking during a stakeholders workshop on exploring the potentials and challenges of VCM in Nigeria, Chigbue said that VCM is being recognised as key to transitioning to a low carbon economy, particularly with Article 6 of the Paris Agreement allowing countries to trade carbon credits to meet their emission reduction targets.
“Carbon markets are broadly grouped into two categories: compliance and voluntary carbon markets. While the voluntary carbon markets (VCM) encompasses all transactions of carbon offsets not purchased under a regulated carbon market, compliance carbon markets are marketplaces through which regulated entities obtain offsets under regulatory regimes.
Although, the compliance market is still hypothetical for Africa, the voluntary carbon market (VCM) has existed for over two decades, showing remarkable growth since its inception, primarily spearheaded by the private sector” he said
On the gains of VCM to Nigeria, the Director, Resource and Environmental Policy Research Centre Environment for Development Nigeria, University of Nigeria, Nsukka (REPRC), Professor Nnaemeka Chukwuone said that the first gain is the reduction of carbon emission.
Carbon emission, he said, causes climate change. So, the first gain is to reduce emission and help Nigeria achieve its targets in the Nationally Determined Contribution (NDC) and this is in line with the Paris Agreement. So, it will help Nigeria, he said
“Beside that, it will help Nigeria to generate revenue. There is a lot of revenue attached to carbon market estimated to be over $2 billion by 2030. Also, it will help to create jobs.
“If you have offsets in the forestry sector you will have a lot of money coming from carbon markets and people will be working in that sector. If you have in agriculture or in energy, you will create a lot of jobs” he said