UNN – Nigeria Expects Over $2bn Carbon Market Boom by 2030.

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The University of Nigeria, Nsukka (UNN), has estimated that Nigeria can generate over $2 billion from its carbon market activation program by 2030. This projection was made by Prof. Nnaemeka Chukwuone, Director of the Resource and Environmental Policy Research Center (REPRC) at UNN, during a workshop in Abuja.

Chukwuone emphasized the significant revenue potential of the carbon market, stating that “under the carbon market activation program, it is estimated that Nigeria will have over two billion dollars by 2030.” He added that efficient implementation of the carbon market would not only generate revenue but also create job opportunities.

The workshop, tagged “Exploring the Potentials and Voluntary Carbon Market,” was organized by the REPRC/Environment for Development (EfD) initiative. It aimed to explore the complexities of carbon markets, focusing on voluntary markets.

Prof. Polycarp Chigbu, Acting Vice Chancellor of UNN, explained that carbon markets are essential for transitioning to a low-carbon economy. He highlighted the two categories of carbon markets: compliance carbon markets and voluntary carbon markets (VCMs).

Dr. Nkiruka Maduekwe, Director-General of the National Council on Climate Change Secretariat, emphasized the importance of the carbon market in addressing climate change. She urged stakeholders to support the government and REPRC/EfD initiative to ensure effective implementation of the project.

Nigeria’s carbon market ambitions align with its Nationally Determined Contributions (NDCs) and the Paris Agreement. The country aims to reduce carbon emissions and achieve sustainable economic growth.

Chigbu noted that the project’s outcome would improve the design and implementation protocols for carbon markets creation, increase capacity and awareness of carbon markets in the global south, and ultimately reduce carbon emissions.

The Acting Vice Chancellor emphasized that the essence of the project was to reduce carbon emissions, which contribute to climate change. He stated that the effort would help Nigeria achieve its targets in the Nationally Determined Contributions (NDCs), which aligns with the Paris Agreement.

Dr. Nkiruka Maduekwe, Director-General of the National Council on Climate Change Secretariat, reiterated the importance of the carbon market in addressing climate change. “We know that climate change is a serious problem today, and the carbon market is an opportunity to address this issue appropriately,” she said.

Maduekwe urged other relevant stakeholders to support the government and REPRC/EfD initiative for effective implementation of the project. “This project will create enormous opportunities for the country, so all hands are needed on deck to push this to where it needs to be,” she emphasized.

“The collaboration of relevant stakeholders will help achieve these goals,” Maduekwe added, stressing the need for collective action to address climate change and promote sustainable development.

The workshop brought together experts from various fields, including academia, government, and private sector organizations, to discuss the potential of carbon markets in Nigeria and explore ways to harness this potential for sustainable development.

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