…Osinbajo says it will create jobs, drive investment and reduce emissions
Nigeria’s vice president, Yemi Osinbajo, has said that carbon markets can deliver tremendous benefits for Nigeria and for Africa; creating jobs driving green investment.
Osinbajo who is ACMI steering committee member, said “Carbon markets can deliver tremendous benefits for Nigeria and for Africa – creating jobs, driving green investment, and reducing emissions.”
He said Nigeria is putting the groundwork in place today so that in subsequent years, carbon credits become a major industry that will benefit the Nigerian people.
It will be recalled that a 13-member steering committee of African leaders, CEOs, and carbon credit experts, led the inauguration of the Africa Carbon Markets Initiative (ACMI) at the just concluded COP2.
The projects, aimed at expanding Africa’s participation in voluntary carbon markets, was inaugurated in collaboration with The Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL), and the UN Economic Commission for Africa, with the support of the UN Climate Change High Level Champions – Dr. Mahmoud Mohieldin and Nigel Topping.
Africa currently produces only a tiny percentage of its carbon credit potential. Meanwhile, the carbon markets offer an incredible opportunity to unlock billions for the climate finance needs of African economies.
This is in addition to expanding energy access, creating jobs, protecting biodiversity, and driving climate action.
In a statement issued yesterday, ACMI announced the ambition of the continent reaching 300 million credits produced annually by 2030.
“This level of production would unlock six billion in income and support 30 million jobs.” The group said.
The CEO of SEforALL and special representative of the UN secretary-general for Sustainable Energy for All and co-chair of UN-Energy, Damilola Ogunbiyi, confirmed that by 2050, ACMI is targeting over 1.5 billion credits produced annually in Africa, leveraging over $120 billion and supporting over 110 million jobs.
Ogunbiyi who is member of the ACMI’s steering committee further said, “The current scale of financing available for Africa’s energy transition is nowhere close to what is required.
“Achieving the Africa carbon markets initiative targets will provide much-needed financing that will be transformative for the continent.”
Crucially, ACMI is committed to supporting high-integrity credits where an equitable and transparent distribution of revenue goes to communities.
ACMI steering committee member and USAID Chief climate officer, Gillian Caldwell, noted, “The African voluntary carbon market will only succeed if people trust that African credits are driving real climate action and having a positive human impact.”