Vice President Kashim Shettima has inaugurated the Intergovernmental Committee on Carbon Market Activation Plan to create a blueprint to drive an efficient sustainable carbon market ecosystem.

The inauguration of the committee, according to Shettima, was in fulfillment of the promise made by President Bola Tinubu to reduce Nigeria’s carbon footprint as well as plans by the Federal Government, in collaboration and support of the Africa Carbon Market Initiative (ACMI), to tap from the carbon market which has an estimated value of $2.5 billion.

The inauguration of the committee chaired by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, also followed the creation of the Intergovernmental Committee on Carbon Markets by Tinubu at the COP28 in December 2023.

Inaugurating the committee at the Presidential Villa in Abuja on Thursday, March 7, 2024, Shettima said the move was a justification of the Tinubu administration’s focus on natural gas as a transition fuel.

The Vice President noted that the intergovernmental committee on the carbon market stands as a testament to the Federal Government’s dedication to developing a national carbon market strategy.

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Shettima stated that the initiative would attract crucial investments, catalyst emission reduction, and foster sustainable development in alignment with President Tinubu’s promise to Nigerians.

He noted that the implementation of the carbon market mechanism represents a radical shift, stressing that each and every member of the committee must consider the initiative as a call for collaboration, innovation, and collective action.

On his part, Adedeji said the initiative holds immense promise for Nigeria’s sustainable future.

He commended the Vice President for his support and commitment to driving Nigeria’s carbon market agenda forward.

The FIRS boss assured that the committee would work hand-in-hand with the African carbon market initiative to harness Nigeria’s vast carbon potential which exceeds $2 billion.

The Star