The Federal Government has issued a stern warning to carbon emission reduction traders who are operating without proper authorization. The government emphasized the need for these traders to adhere to designated authorities when engaging in carbon trading activities. Carbon trade involves the buying and selling of credits that allow companies to emit a specific amount of carbon dioxide or other greenhouse gases, and it is aimed at gradually reducing global carbon emissions.
During a validation workshop in Abuja, the Federal Government stressed the importance of aligning carbon trading activities with Nigeria’s Nationally Determined Contributions (NDCs) and the guidelines of the United Nations Framework Convention on Climate Change. The Director-General of the National Council on Climate Change emphasized that carbon trading is a crucial aspect of Nigeria’s national policy and a priority for addressing the country’s mitigation and adaptation challenges. Recent flooding incidents highlighted the urgent need to tackle climate change.
Efforts from all sectors, including the government and private enterprises, were called upon to capitalize on climate change mitigation and adaptation opportunities. The government expressed the belief that investing in carbon trading aligns with Nigeria’s priorities and offers profit potential for the private sector. The Lead Coordinator of the African Group of Negotiators on Carbon Markets emphasized the importance of implementing policies and instruments that promote carbon pricing, citing its effectiveness in reducing carbon emissions and supporting adaptation measures.
The Federal Government’s warning serves as a reminder for carbon traders to operate within the designated framework. Collective efforts from the government, private sector, and individuals are crucial in combatting climate change and ensuring a sustainable future for Nigeria and the planet.