Page 16 - AfrElec Week 44 2022
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AfrElec CARBON CREDITS AfrElec
Nigeria could produce
30mn carbon credits
annually by 2030
NIGERIA NIGERIA could produce up to 30mn carbon collaboration with The Global Energy Alliance
credits per year by 2030, Vice President Yemi for People and Planet, Sustainable Energy for All,
Osinbajo has said, writing on Twitter that at $20 the UN Climate Change High Level Champions
per credit they could generate half a billion dol- and the UN Economic Commission for Africa.
lars annually for the domestic market. A carbon credit is a tradable certificate or per-
“At this level of production, the industry mit representing the right to emit a set amount
could potentially support over 3 million Nige- of carbon dioxide, and is used as a means to mit-
rian jobs,” Osinbajo wrote. “And Nigeria has only igate the growth of greenhouse gasses (GHG)
a portion of Africa’s total potential—the impact emissions.
on the continent as a whole could be far greater.” According to a document published by the
The reveal came as Osinbajo announced he African Development Bank (AfDB), “carbon
would be joining the 14-member steering com- market vehicles can be a mechanism to channel
mittee of the Africa Carbon Market Initiative new investment into Energy Security in Africa”.
(ACMI), which aims to dramatically expand Furthermore, they could also help countries
Africa’s participation in voluntary carbon meet their voluntary greenhouse gas reduction
markets. targets as well as their national renewable energy
ACMI will be launched at COP 27 in targets, the lender has stated.
P16 www. NEWSBASE .com Week 44 02•November•2022
