Shettima inaugurates carbon market committee

• The committee is chaired by Zacch Adedeji, executive chair of the Federal Inland Revenue Service (FIRS)
  

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Vice-President Kashim Shettima has inaugurated the intergovernmental committee on the carbon market activation plan, emphasizing its role in promoting an efficient and sustainable ecosystem.

In a statement issued by Stanley Nkwocha, his spokesperson, on Thursday, Shettima said the move “is 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”.

Shettima said the initiative would attract critical investments, boost emission reduction plans and improve sustainable development.

The committee is chaired by Zacch Adedeji, executive chair of the Federal Inland Revenue Service (FIRS).

“However, the intervention we seek can’t be achieved unless the best minds of this nation come together to oversee our transition, and I have no doubt that we are on the right track, especially with the caliber of the technocrats that are in this room,” the vice-president said.

“We gather today as part of the broader initiative to position Nigeria and, by extension, Africa in green growth manufacturing and industrialisation.

“This justifies our focus on natural gas as a transition fuel alongside investments in renewable energy sources. Our mission is to meet the needs of the present while safeguarding the future.

“The sincerity of our commitment to coordinating carbon-related market plans and initiatives has never been in doubt.

“The intergovernmental committee on carbon market stands as a testament to our dedication to developing a national carbon market strategy.”

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