VP Shettima to Launch $2.5billion Green Economy Committee

Kashim Shettima
Kashim Shettima Google photos

The committee set up by His Excellency, President Bola Ahmed Tinubu to develop Nigeria's Carbon Market Activation Plan was innaugurated yesterday, at the Presidential Villa in Abuja, by the Vice President Kashim Shettima.

To accelerate green growth and ensure a just energy transition, the Inter-governmental committee is expected to guide the development of a National Carbon Market Activation Plan.

With the support of the Africa Carbon Market Initiative (ACMI), the Federal Government of Nigeria is committed to implementing a co-created blueprint that will position the country with the necessary frameworks and policies to drive an efficient and sustainable carbon market ecosystem valued at $ 2.5 billion.

To co-chair the committee, President Bola Tinubu has appointed the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, and the Director-General of the National Council on Climate Change (NCCC), Dr. Dahiru Salisu, following the announcement of the creation of the inter-governmental committee on carbon markets at COP28 in December 2023.

As part of the National Carbon Market Activation Plan Committee, the co-chairs will be joined by representatives from the following government ministries and departments: The Ministry of Finance/ Coordinating Minister of the Economy, The Ministry of Environment, The Ministry of Industry, Trade and Investment, The Ministry of Power, The Ministry of Agriculture and Food Security, The Special Advisor to the President on Climate & NEC, and The Managing Director of Nigeria Sovereign Investment Authority.

The committee members have been given the important task of ensuring that the forthcoming plan provides a roadmap for making Nigeria an attractive hub for investors, which can be achieved by focusing on driving investments in innovative, green, and sustainable initiatives across diverse sectors, with a particular emphasis on establishing a high-integrity and credible carbon credits framework. The plan will also include local communities and indigenous groups.

A concrete example of the Government's commitment to using carbon markets for sustainable development is the current Electric Buses Rollout Programme. This pilot, launched by President Tinubu, will serve as one of the pilot projects for generating carbon credits.

At COP28, President Tinubu highlighted his commitment to environmental stewardship through the collaboration with the Africa Carbon Market Initiative. He said, "Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.”

Zacch Adedeji, Co-Chair of the National Carbon Market Activation Plan, stated that Nigeria will proudly unveil a series of innovative, clean, modern, and sustainable initiatives across diverse sectors in the immediate term. He further noted that these initiatives are strategically designed to not only address climate change-related challenges but also to position Nigeria as an attractive destination for global investments.

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