The National Council on Climate Change (NCCC) has stressed the need for Nigeria’s carbon market projects to deliver genuine mitigation outcomes as the country advances efforts to establish a structured carbon market system.

The Director General/Chief Executive Officer of the NCCC, Mrs. Omotenioye Majekodunmi, made the position known at the Stakeholders’ Review/Validation Workshop on the draft Host Country Approval Criteria for Nigeria’s Carbon Market Operations, organised by the council in Abuja.

Majekodunmi said the immediate task before stakeholders was to develop Host Country Approval Criteria capable of protecting Nigeria’s national interests while giving credible investors and project developers the certainty required to participate in the market.

She said the process was anchored on the need for Nigeria to engage in carbon markets under conditions that are credible, transparent, equitable and beneficial to its people, with strong national oversight.

“If we get this right, carbon markets can help finance clean energy, sustainable agriculture, nature -based solutions, improved waste management and methane reduction, while creating green jobs, and supporting Nigeria’s wider economic transformation,” she added.

The Vice Chancellor, University of Nigeria, Nsukka, Prof. Simon Uchenna Ortuanya, also expressed optimism about the country’s progress towards institutionalising carbon market governance.

Ortuanya said Nigeria had taken a concrete step by approving its carbon market framework, while partnerships between government and research institutions would help develop evidence-based policies.

He said the approval represented an important milestone towards creating a structured system for carbon market operations. According to him, the next major task is to ensure that the framework is backed by clear, practical and transparent Host Country Approval criteria.

He maintained that the criteria would guide the eligibility, screening and assessment of carbon market projects, noting that a well-governed carbon market could help mobilise resources needed to support the country’s climate and development objectives.

He declared: Our investment in research institutions, policy development and stakeholder engagement is an investment in Nigeria’s capacity to respond effectively to climate change while pursuing sustainable economic development.

“The global carbon market presents important opportunities for countries seeking to mobilise climate finance, support greenhouse gas emission reductions and removals, and accelerate the transition to a low-carbon economy,” Ortuanya added.

He emphasized, for Nigeria, these opportunities are particularly significant, and it has become imperative for our country to pursue economic growth, industrial development, and energy access and poverty reduction while responding to the challenges of climate change.

Ortuanya further noted that the approval criteria would clarify institutional responsibilities, approval procedures, measurement, reporting and verification requirements, environmental and social safeguards, as well as alignment with Nigeria’s Nationally Determined Contribution.

“At the University of Nigeria, we recognise that effective public policy should be informed by credible research, sound evidence and meaningful engagement with the people and institutions responsible for implementation.”

He therefore commended the National Council on Climate Change and the Resource and Environmental Policy Research, Environment for Development (REPRC-EfD Nigeria), for bringing stakeholders together to strengthen the implementation of Nigeria’s carbon market framework.

Source:Guardian