Climate Change Policy Manager of the British High Commission, Adesuwa Obasuyi, said the commission is to support cooperation between countries in transferring emissions reductions and as a way to stimulate private sector investment in climate action.
She disclose this during the Flag-off Event On the Development of Nigeria’s Emissions Trading Framework in Abuja, adding that it was the agreement on Article 6 which is the Paris Agreement’s rulebook governing carbon market mechanisms.
Obasuyi noted that the era of carbon offsetting delaying meaningful climate action is over. “And transparent, reliable markets will play a role in this new era so we are very glad that Nigeria is taking this important step today an important milestone ahead of COP27.
“It has been stated that emissions trading schemes (ETS) and carbon markets play a key role in tackling climate change, as it is a way to raise finance to meet NDCs which can enable countries like Nigeria go further in terms of mitigation measures in the energy, agriculture, transport sectors and so on and strengthen adaptation and resilience to climate change,” she stressed.
“This can also encourage technology innovation and help tackle deforestation, along with other longer lasting sustainable benefits.
She further stated that the UK has been supporting various initiatives aimed at strengthening Nigeria’s ambition to tackle climate change.
“Through the Voluntary Carbon Markets initiative and other support from our programmes such as the UK PACT, the UK Government remains committed to support Nigeria’s ETS and carbon markets development.
She encourage other donors, businesses, civil society and other stakeholders to be closely involved and engaged in the process, so that together we can work to make Nigeria’s net zero by 2060 commitment a reality.