The minister of Environment, Balarabe Lawal, has stated that Nigeria’s carbon market, if unlocked, is pivotal to promoting sustainable growth, stimulating economic development and mitigating climate change.
Lawal disclosed this at Nigeria’s Carbon Market Framework: Article 6 Workshop & Implementation Design held in Abuja on Tuesday.
He maintained that Nigeria has the potential to produce million tons worth of carbon credits annually by 2030 through projects like reforestation, renewable energy, waste to energy, and improved cook stove.
The minister who was represented at the event by the Permanent Secretary in the Ministry, Alh. Mahmud Adam Kambari, highlighted the significance of carbon markets in achieving global climate goals and Nigeria’s ambitious Nationally Determined Contribution (NDC) targets.
“Carbon markets offer a vital tool to mobilize resources, reduce costs, and facilitate a smooth transition to a low-carbon economy,” he stated.
The minister noted that the country’s carbon market would serve as an attraction for climate finance and as a means to curb greenhouse gas emissions.
“Nigeria has over the years shown increasing interest in reducing its emissions through engagement in relevant partnerships and initiatives. This has been demonstrated in our National Determined Contribution (NDC), the long-term low emission development strategies and the country’s interest to consider cooperative climate action under Article 6 of the Paris Agreement.
“In the updated NDC submitted in 2021, based on the new mitigation analysis, “Nigeria restates its commitment to its unconditional target to reduce GHG emissions by 20 per cent below business-as-usual by 2030, and increases its conditional target to 47 per cent below business-as-usual by 2030 on the condition of receiving appropriate support. All these initiatives are pointers to Nigeria’s efforts in reducing its GHG emissions,” he said.
The minister stated that in achieving and implementing Nigeria’s NDC, it is important to consider the different approaches for the carbon market necessary to steer the country on the trajectory of low-carbon policies while considering national priorities.
He explained that the goal of the workshop is to delve deeper into the intricacies of Article 6, with a focus on operationalisation and advancing the development of Nigeria’s Article 6 Framework.