By Edoamaowo Udeme
The Minister for Environment, Balarabe Abbas Lawal, said that the key to environmental sustainability is Unlocking Carbon Markets and a very important tool to reach global climate goals in short and medium term.
The Minister made this known at a 2-day workshop on Nigeria’s Carbon Market Framework: Article 6 Training & Implementation Design held yesterday in Abuja.
Lawal noted that this could help to mobilize resources and reduce costs to give countries and companies the space to smooth the low-carbon transition and be able to achieve the goal of net zero emissions in the most effective way possible.
Appreciating the efforts of the National Council on Climate Change (NCCC) and the United Nations Development Programme (UNDP) in preparing and providing support for the progamme, he reminded the participants of the adoption of the Paris Agreement in 2015 set a worldwide objective of keeping the global average temperature well below 2 °C above pre-industrial period.
“Also, one of the key outcomes of the COP26 climate summit in Glasgow was the approval of Article 6 – the Paris Agreement’s rulebook governing carbon markets” he stressed
He stressed that , “It is essential to note that Nigeria’s carbon market is an emerging market that is yet to actualize to its full potential”.
“The need to unlock its opportunities is pivotal to promoting sustainable growth, stimulate economic development and mitigate climate change. The country’s carbon market would serve as an attraction for climate finance and as a means to curb greenhouse gas emissions”.
“Nigeria restates its commitment to its unconditional target to reduce GHG emissions by 20% below business-as-usual by 2030, and increases its conditional target to 47% below business-as-usual by 2030 on the condition of receiving appropriate support. All these initiatives are pointers to Nigeria’s efforts in reducing its GHG emissions”. He added
On his part, the Director General of the National Council on Climate Change (NCCC), Salisu Dahiru while thanking the partners reminded them that the just concluded COP 28 held in Dubai, the United Arab Emirate ended up with a call to come together around real, practical and meaningful climate solutions that equals the scale of the climate crisis.
“The country acknowledges the importance of Article 6 of the Paris Agreement and has continually present positions that align and promote the achievement of emission reduction targets set in our NDCs towards national development and achievement of global climate goals”
He expressed gratitude to the United Nations Development Programme (UNDP) and Neyen Consulting SL, for their support in making this training and the overall process possible.
” I want, also, to acknowledge the indispensable support of the Federal Ministry of Environment and Federal Ministry of Industry, Trade and Investment in the policy framework development”. He said
“I am pleased to see many of you participating in this “NIGERIA’S CARBON MARKET FRAMEWORK: ARTICLE 6 TRAINING & IMPLEMENTATION DESIGN” workshop aimed at delving deeper into the intricacies of Article 6, with a focus on operationalization and advancing the development of Nigeria’s Article 6 Framework”.
” Your presence here for the training symbolizes your collective commitment to continue with the important work that lies ahead”
He stressed that Consultations with various stakeholders indicate a strong interest in market-based mechanisms, including a trading scheme as being an efficient option to bring down emission level if well designed and implemented. It can catalyze and mobilize private sector actors’ involvement, attract investment, and encourage international cooperation.
“The Nigerian Government launched the Emissions Trading Scheme, ETS, which is to provide policy recommendations that will guide National transition of a green economy. The establishment of the trading scheme is in line with the legal framework provided in the Climate Change Act 2021 The Article 6 of the Paris agreement allows signatories to use voluntarily cooperation to meet GHG emission targets outlined in the NDCs”.
” These cooperative approaches involve transfer of Mitigation outcomes via both bilateral agreements and/or a supervised marketplace, yet to be formalized. It is widely acknowledged that creating and establishing these market-based mechanisms can be cost effective in achieving emission reduction targets”.
“Despite its low level of emissions, Nigeria has the potential for a range of carbon mitigation activities above and beyond the planned activities of the NDC that may allow it to access carbon finance through trading to assist its ambitious goal to become a developed, carbon-neutral, and climate-resilient economy by 2060” He noted.
He added that as the marketplace for carbon trading is emerging, it will be of great importance to explore opportunities and identify implications and risks associated with carbon market under the PA’s Article 6 in Nigeria.
“The National Council on Climate Change (NCCC) is Nigeria’s National Designated Article 6 Authority (NDAA), responsible for overseeing all Article 6-related activities and transactions. NCCC authorizes and approves Article 6.2 and Article 6.4 projects that accord with national interest”.
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“Nigeria is also establishing an Article 6 Technical Committee (A6.TC) to coordinate engagement across all government ministries and departments. A6.TC members will review progress, challenges, and investment prospects in their respective industries”
He noted that the team will assess the impact of current and upcoming cooperation agreements on the country’s NDC attainment, sustainable development benefits (including green job creation), and financial resource mobilization.
Calling for commitment and cooperation, the DG said that the workshop is timely, as there are a lot of interest on Article 6. Operationalization of Article 6 of the PA is one of the core role of NEYEN, so we can explore their expertise to understand carbon market and how it works.
“We acknowledge and appreciate the support and contribution of the United Nations Development Programme, the relevant MDAs in driving this process”.
“The Policy framework will set clear rules for trading of carbon credits and help to increase transparency and trust among carbon traders, encouraging businesses and industries to adopt cleaner practices and invest in sustainable technologies”.
