Nigeria Unveils Emissions Trading Scheme to Achieve its Net Zero Target
The Federal Government has officially launched the
Emissions Trading Scheme (ETS) to meet its net zero carbon emission targets.
The Minister of Environment, Mohammed Abdullahi, stated at the Official Flag-off Event on the Development of
Nigeria's Emissions Trading Framework in Abuja on Tuesday that the Federal
Government had decided to establish 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.
“This flag-off event
signals 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 and Industries.” Mr. Abdullahi said.
Mr.
Abdullahi continued, "If we succeed in this, Nigeria will position itself
as the leading regional carbon trading centre, positively impacting our
environment and economy." "With the potential that Nigeria's carbon
market presents, as alluded to by various speakers, Nigeria cannot afford to
ignore the possibilities of generating upwards of 250 metric tonnes of CO2 annually,
amounting to an estimated value in excess of $3 billion," he said.
"The Federal Ministry of Environment is
thus poised to explore all options that are driven by our domestic realities
while remaining in line with global benchmarks and best practises to ensure the
development of a scheme that adds value to the environment, triggers bankable
and commercial transactions, and ultimately generates jobs." He added.
The event, according to
Dr.
Salisu Dahiru, Director General of the newly established National Council
on Climate Change, was to discuss the Emission Trading Scheme and how it fits
into the framework that has been developed to achieve the country's Nationally
Determined Contributions (NDCs).
"I believe each of
us has a role to play, and the idea will be to complement each other's efforts
to build a common and formidable platform that will help to ensure that all of
President Muhammadu Buhari's commitments and declarations are fully implemented."
For us in the National Council, we will create an enabling environment for all
the various players in the Climate Change discourse to come together and forge
a common ground so that the various mitigation and adaptation strategies contained
in our NDC's initiatives that are currently underway in the country can be
fully implemented." Dr. Dahiru elaborated.
Mr.
Mohamed Yahaya, the UNDP Country
Representative, argued that an emission trading system has the potential to be
one of the most effective tools for developing a successful global response to
climate change in order to fulfil the NDC commitments the Nigerian government
made to the United Nations Framework Convention on Climate Change.
“Today, in Nigeria, we
would need to take critical look at all sectors especially the transport,
energy and the construction sectors. These are the sectors in which emissions
are actually shooting up instead of going down despite the improvement in
technological innovations and advancement. These are the areas that affect the
ordinary Nigerians on daily basis. It would be nice if we are able assist those
who know what they need to do by giving them the right incentives and
protecting the vulnerable against the consequences.” He said.
"According to Mr
Yahaya, carbon trading would provide significant environmental benefits to the
country." Carbon emission trading has been identified as a means of
generating funds for nature-based solutions to climate change in some
countries, and this is expected to be the case in Nigeria in the near future.
Mariska
Lammers, a representative of the Netherlands' ambassador to Nigeria, stated
that the Dutch government applauded the high ambitions that the Nigerian
government had set in its commitment to the NDCs and its ambition to have a net
zero targets by 2060.
"The Dutch
government will support Nigeria's adaptation and mitigation efforts to mitigate
the effects of climate change; we are delighted to be here; we would like to
support you and collaborate with you to meet your emissions target." She
added.
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