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From Isaac Anumihe, Abuja
As the world seeks to transit towards climate finance and support greenhouse gas emission reductions as well as accelerate transition to a low-carbon economy, Federal Government has approved the carbon market framework objectives.
Speaking at the National Stakeholder Review and Validation Workshop on the draft host country approval criteria for Nigeria’s carbon market operations, in Abuja, Vice Chancellor, University of Nigeria, Nsukka (UNN), Professor Simon Uchenna Ortuanya, said that the approval represented an important step towards establishing a structured system for carbon market operations in the country.
Ortuanya, who was represented by the Director of Resource and Environmental Policy Research Centre, UNN, (REPRC-EfD), Dr Nnaemeka Chukwuone, stated that it’s against this background that the next official task is to ensure that the framework is supported by clear, practical and transparent host country approval criteria.
“These criteria will provide guidance on the eligibility, screening and assessment of carbon market projects. They will also clarify institutional responsibilities, approval procedures, measurement, reporting and verification requirements, environmental and social safeguards; alignment with Nigeria’s Nationally -Determined Contribution (NNDC) registry and transparency arrangements, and carbon accounting” he said
The criteria, the VC explained, should be sufficiently robust to protect Nigeria’s interests while remaining practical, predictable and responsive to the realities of implementation.
“I am glad that the development of the proposed host country approval criteria was guided by sound research” he said.
Before she declared the workshop open, the Director General, National Council on Climate Change (NCCC), Dr Omotenioye Majekodunmi, said that having approved the carbon market framework, the task before stakeholders is therefore clear — to establish post-country approval criteria that protect Nigeria’s national interests while providing the certainty that credible investors and project developers need.
According to her, at the heart of the process is a simple principle that Nigeria must participate in carbon markets on terms that are credible, transparent, equitable and beneficial to the people.
“Carbon projects must deliver genuine mitigation outcomes. They must contribute to sustainable development, respect host communities, and promote social inclusion and align with national climate and development priorities” she said.
In his remarks, PEP’s Scientific Adviser, Professor Adeola Adenikinju, maintained that the global carbon market presents important opportunities for countries seeking to mobilise climate finance,
support greenhouse gas emission reduction and removal, and accelerate the transition to a low-carbon economy.
For Nigeria, he noted, these opportunities are particularly significant as it has become imperative for Nigeria to pursue economic growth, industrial development, and energy access and poverty reduction while responding to the challenges of climate change.
In his opinion, a well-governed carbon market can help mobilise the resources required to support poverty reduction and grow economy.ENDS
