A member of the House of Representatives and Chairman of the Committee on House Service, Daniel Amos said yesterday that the African Carbon Market Initiative predicts Nigeria could generate over $500million annually by 2030, supporting over 3 million jobs through the reduction of carbon emissions and preventing them.
Leading the debate on a motion on notice yesterday’s plenary, Amos climate change advocacy organizations like the Green Climate Fund, the Global Environment Facility, the Adaptation, and the Climate Investment Funds puts the total value of Green Funds that can come to the country from carbon emission control at $23billion for 2024.
Following the motion, the House resolved to ask the National Climate Council to enforce the requirement for all Ministries, Departments, Agencies, and Companies to have a sustainability plan and effectively implement it.
The House asked it’s Committees on Climate Change, Renewable Energy, Environment, and Ecological Fund to work with the Executive to educate citizens, companies, and MDAs to embrace sustainable practices in the design and execution of its projects and programs.
It also mandate the Committee on Appropriation to work with the Ministry of Budget and Planning to incentivize MDAs to adopt sustainable practices to ensure that Ministries, Departments, and Agencies (MDAs) with sustainable practices and carbon credit potentials given additional funding above their budget envelopes with effect from 2025 budget estimates, with carbon credit potentials and programs established at conception and submitted to the Federal Executive Council (FEC).
Read Also: Sahara Group sets 2060 target for zero carbon emissions
In addition, the House advocate the creation of a separate budget envelope annually based on green funds secured from DFIs, development partners, and multilateral agencies and distributed to the aforementioned MDAs.
Amos identified the major environmental concerns in Nigeria to include population growth, flood, desertification, soil erosion and loss of biodiversity affecting Nigeria’s ecosystems and communities.
He also identified stakeholders in the sector to include Ministries, Departments, and Agencies (MDAs), consumers, and organizations that play a crucial role in shaping sustainable practices as their actions directly impact the environment and future well-being of citizens.
According to him, the Sustainable Practices and Green Projects Initiative focus on conservation, afforestation drives, renewable energy adoption, waste reduction, ecosystem restoration, and waste recycling programs tailored to the country’s local context.
He disclosed that Nigeria is a signatory to the 2015 UN Climate Change Conference (COP21) Paris Agreement, which was ratified in 2017 and formulated its Nationally Determined Contributions (NDCs), announced it’s net-zero commitment by 2060 in 2021, following the enactment of the Climate Change Act.
He stressed that carbon credits represent one metric ton of carbon dioxide (Co2) or greenhouse gas (GHG) emissions removed from the atmosphere; the global value of the voluntary carbon market was estimated at about $2 billion in 2022 and is widely expected to grow by a factor of at least 15 by 2030, as governments and companies seek to use offsets to help achieve net–zero emissions targets.
He said further that these credits motivate companies and organizations to engage in activities that benefit the climate by either reducing emissions or preventing them;
Informed that the African Carbon Market Initiative predicts Nigeria could generate over $500m annually by 2030, supporting over 3 million Nigerian jobs through this industry.
He argued that investments in sustainable green projects will create jobs, stimulate innovation, and contribute to Nigeria’s economic development, an estimate of resources pledged to major climate change advocacy organizations such as the Green Climate Fund, the Global Environment Facility, the Adaptation, and the Climate Investment Funds puts the total value of Green Funds at $23bn for 2024. This excludes other sources of finance, such as bilateral and multilateral aid, private sector investment, and domestic resources.
He said encouraging green practices is crucial for a sustainable future for Nigerians and fulfilling domestic and international climate obligations.
He said integrating green projects into government operations can contribute to global goals and reap economic and environmental benefits through commitment, coordination, and a long term vision.