Balarabe Lawal, the Minister of Environment argues that unlocking the carbon market’s potential holds the key to environmental sustainability in Nigeria, citing its potential to drive renewable energy projects, attract climate finance, and reduce greenhouse gas emissions.
The minister made the submission on Tuesday in Abuja during a two-day workshop on ‘Nigeria’s Carbon Market Framework: Article 6 Training and Implementation Design’.
He stated, “Unlocking Nigeria’s carbon market opportunities holds potential for sustainable growth, economic development and climate change mitigation.
“Nigeria’s carbon market is an emerging market that is yet to actualise its full potential; the country’s carbon market will serve as an attraction for climate finance and as a means to curb greenhouse gas emissions.
“The need to unlock its opportunities is pivotal to promoting sustainable growth, stimulating economic development, and mitigating climate change.’’
The minister said Nigeria had the potential to produce millions of tonnes worth of carbon credits annually by 2030 through projects such as reforestation, renewable energy, energy waste, and improved cook stoves.
He explained that collaborating with international partners, capacity building and targeted investments can help actualise these potentials.
“Nigeria has, over the years, shown increasing interest in reducing its emissions through engagement in relevant partnerships and initiatives,” said Mr Lawal. “The adoption of the Paris Agreement in 2015 set a worldwide objective of keeping the global average temperature well below 2 °C above the pre-industrial period.’’
The minister said one of the key outcomes of the COP26 climate summit in Glasgow was the approval of Article 6 of the Paris Agreement’s rulebook governing carbon markets.
According to him, it is timely to consider the different approaches to the carbon market necessary to steer the country on the trajectory of low-carbon policies while also considering national priorities such as socio-economic development and sustainable development.