The Federal Government of Nigeria has issued a warning to carbon emission reduction traders who are trading without authorization. Carbon trading involves the buying and selling of credits that permit companies to emit a certain amount of carbon dioxide or other greenhouse gases. The government has emphasized the need for a carbon trading scheme and regulatory guidance that aligns with the country’s Nationally Determined Contributions (NDCs) on carbon emissions.
The government recognizes the urgency of addressing climate change impacts, such as increasing instances of flooding, which affect both riverine and urban areas like Abuja’s Lugbe. This underscores the need for collective efforts and collaboration between the government and the private sector to fully capitalize on the opportunities presented by climate change mitigation and adaptation. The private sector, in particular, should recognize the potential profit and business opportunities that can arise from engaging in carbon trading and supporting climate action initiatives.
Opinion: Carbon pricing, as an economic instrument, has proven effective in reducing carbon emissions and supporting adaptation measures. The government should establish policies and instruments to encourage carbon pricing in Nigeria. Developed countries have successfully implemented carbon pricing, which not only helps reduce emissions but also generates revenue for poverty eradication and supports adaptation efforts. By embracing carbon pricing, Nigeria can promote sustainable development while addressing its climate change challenges.
