By AKOR SYLVESTER-Abuja
The federal government yesterday embarked on Emission Trading Scheme, the programme it said would meet the country’s target on zero emission in the country.
The minister of Environment, Mohammed Abdullahi who stated this at the Official Flag-off Event On the Development of Nigeria’s Emissions Trading Framework in Abuja Tuesday said government has taken the lead on the establishment of a trading scheme, with legal framework provided in the Climate Change Act of 2021 for the reduction of greenhouse gas emissions through a cap and trade-based emissions trading schemes to meet the Net Zero target.
He reminded the gathering that a collective investment in addressing climate change will eventually provide immense dividends for the global economy alongside the economic co-benefits that come with it.
The minister said Nigeria realised that its efforts on carbon management policy stands to gain from aligning the national emissions planning to international mechanisms such as Emissions Trading Scheme (ETS).
According to him, “If we succeed with this, Nigeria positions itself as the leading regional carbon trading centre and will positively impact our environment and
economy.
“While the Ministry recognizes the importance of the involvement of all stakeholders across sectors in the ETS, the Ministry is positioned to provide coordination at all levels required to galvanize and entrench climate action for the country.
“With the potential that Nigeria’s carbon market presents as alluded to by various speakers in their goodwill messages, Nigeria cannot afford to ignore the possibilities of generating upwards of 250 metric tons of CO2E annually amounting to an estimated value in excess of 3 Billion USD”
He said the Ministry is poised to explore all options that are driven by the domestic realities and yet in tune with global benchmarks and best practices to ensure the development of a scheme that adds value to the environment, trigger bankable and commercial transactions which will ultimately generate jobs.
The minister said the event will trigger the critical first steps towards defining roles and responsibilities to institutions and entities that will ensure the objectives of the National Emissions scheme is met which should essentially deliver on an effective mechanisms for successful carbon pricing for Nigeria.
Stating that the country is determined to do a 100metres dash in the process, he said, “We may falter but we will make needed corrections along the way”.
The minister stated that the flag-off event signaled the commencement of activities that would lead to the establishment of the Nigeria Emission Trading Scheme (ETS), sensitize the public, and ensure coordination with
other relevant arms of government development partners under the leadership of the Federal Ministry of Environment with active collaboration of the Federal Ministry of Trade & Industries.
