The country is at a crucial point in the fight against climate change, with a promising opportunity to earn more than $500 million each year by 2030 through initiatives aimed at reducing carbon emissions. Daniel Amos, House of Representatives member and Chairman of the Committee on House Service highlighted this during a debate at a plenary session on October 8. Referencing estimates from the African Carbon Market Initiative, he pointed out that this environmental program might create more than 3 million employment opportunities in Nigeria.
This proposal resulted in a decision calling on the National Climate Council to make sure that every government Ministry, Department, and Agency (MDA), along with Private Sector firms, create and execute comprehensive Sustainability strategies. He emphasised the need to utilise climate Investment resources, pointing out that Nigeria might have access to $23 billion in green funding by the year 2024. The nation has considerable opportunities presented by these resources, which come from entities such as the Green Climate Fund, the Global Environment Facility, and the Adaptation and Climate Investment Funds.
Carbon credits are anticipated to rise with net-zero ambitions.
A significant topic brought up by Amos was the importance of carbon credits. He clarified that these credits signify one metric ton of Carbon Dioxide (CO2) or equivalent Greenhouse gases that have been eliminated from the environment. In 2022, the global valuation of the voluntary carbon market was approximately $2 billion, with analysts forecasting it might expand fifteen times by 2030. With countries and corporations striving to achieve their net-zero ambitions, the need for carbon credits is anticipated to rise significantly. Amos highlighted that Nigeria’s commitment to Eco-friendly initiatives, including carbon credit schemes, would play a vital role in addressing Climate Change while enhancing economic growth.
Such investments have the potential to generate employment, encourage creativity, and improve the nation’s overall prosperity. The House of Representatives has called on its committees focused on Climate Change, Renewable Energy, the Environment, and the Ecological Fund to work together with the government’s executive branch. They aim to enhance public awareness and advocate for sustainable practices nationwide. This initiative seeks to compel all stakeholders to develop and implement projects that follow environmental standards. A key recommendation in his motion is for the Appropriation Committee to collaborate with the Budget and Planning Ministry to encourage MDAs to implement sustainable practices.
Stakeholders must collaborate with MDAs in their environmental efforts.
Furthermore, this encouragement would involve providing extra financial resources above their usual budget limits, determined by their carbon credit opportunities and eco-friendly initiatives. The objective is to weave sustainability into the core of governmental functions, ensuring that every department contributes to lowering Emissions and fostering environmental responsibility. In addition, the House promoted the idea of a distinct budget allocation financed by development partners and international organisations to assist MDAs in their environmental efforts. This specific funding would facilitate the execution of sustainability strategies and initiatives throughout the organisation.
Amos utilised the moment to emphasise several critical environmental challenges that Nigeria is facing today. Among these are swift population expansion, desertification, flooding, soil degradation, and a decline in biodiversity, each of which poses serious threats to the nation’s ecosystems and its inhabitants. He highlighted that tackling these issues requires a collaborative approach involving the government, private industry, and global allies. He pointed out the necessity of sustainable strategies like tree planting, embracing renewable energy, restoring ecosystems, and Recycling waste. These measures, designed specifically for Nigeria’s distinct situation, are vital for safeguarding the environment and promoting economic development.
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Moreover, Nigeria committed to the Paris Agreement from the 2015 UN Climate Change Conference (COP21), formally ratifying it in 2017. In 2021, the country enacted the Climate Change Act and declared its goal for net-zero emissions by 2060. These actions highlight Nigeria’s resolve to address climate change and move toward a more sustainable, eco-friendly future. Achieving sustainability goes beyond mere policy promises; it demands tangible efforts. Through investments in carbon credits and the advancement of eco-friendly initiatives, Nigeria can fulfil its climate responsibilities while simultaneously fostering Economic Expansion and generating employment opportunities.