Carbon market will provide right incentive for clean energy, climate action-Osinbajo

Vice President Yemi Osinbajo says participating in the carbon market would not only offer Nigeria and Africa the opportunity for growth, industrialization and job creation for its teeming population, it would also provide the right incentives for clean energy and climate action.

According to him, the Carbon Market pipeline could create 30 million jobs in the next decade, with the potential to create more than 100 million jobs through climate aligned projects by 2050.

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Professor Yemi Osinbajo said this when he delivered a keynote address at a high-level international meeting on Africa Carbon Market Initiative hosted by the Rockefeller Foundation in New York City, USA., where he stressed the importance of building the carbon markets architecture in Africa.

In attendance at the event was the US Special Presidential Envoy for Climate, John Kerry, who joined the meeting virtually, the meeting explored potential opportunities which carbon markets offer to generate resources for clean energy transitions while accelerating economic growth in Nigeria and other African countries.

Also, President Muhammadu Buhari had announced “Nigeria’s commitment to net-zero by 2060 on the basis of a detailed Energy Transition Plan in his COP26 statement, while at COP27, Nigeria’s Minister of Environment, Mohammed Hassan Abdullahi, delivered the President’s speech on the need for more funding for energy transitions and climate action, and why Nigeria is championing the development of the African carbon market initiative.

In his contribution, the US Presidential Envoy on Climate Change, Senator John Kerry, commended the VP for his leadership on the issue of energy transition and said that the developed world must be able to step up the support on climate crisis.