The Federal Government says it has set up a committee for carbon market activation plan to position the country at the forefront of creating a robust and sustainable carbon market projected to be worth $2.5 billion.

The Vice President, Senator Kashim Shetima, made this disclosure at the opening of the 2024 edition of African Climate Forum in Abuja.

He said other actions Nigeria has taken include the enactment of climate change Act of 2021 which aims to achieve low greenhouse gas emissions and sustainable green growth.

The Vice President, who was represented by the Special Adviser to the President on NEC and Climate Change, Miss Rukaiya El-Rufai, also said that the government has also set up a Presidential Committee on Climate Action and Green Economic Solutions to oversee and coordinate all climate-related policies and programmes, ensuring that Nigeria remain focused on its goals for green economic development.

“However, despite these interventions, we know that none of our efforts will yield optimal outcomes unless we collectively agree that climate change is not a topic for idle debate, it is a manifest threat to our existence,” he said.

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“So I reiterate today an open call across our dear continent to all governments, civil society organisations, the private sector and the development community to join hands.

“Only through a unified front can we create an all-inclusive approach to achieving the sustainable development goals (SDGs) and delivering lasting social impact.”

He stressed the need for African countries to join forces in the fight against climate change, noting that this is not the time to sit as passive recipients of climate impacts, but as proactive leaders charting the course for a sustainable and resilient Africa.

The Vice President said, “This occasion reflects both the urgency of our moment and the opportunities that lie ahead.”

In his welcome address, the Director General of the Global Centre for Law, Business and Economy (GCLBE), Prof. George Nwangwu, said The Africa Climate Forum 2024 comes at a crucial time when the continent must seize the opportunity to lead in sustainable development.

He said, “We are excited to gather diverse stakeholders to address our shared climate challenges and drive actionable solutions that will benefit not just Africa, but the world.”

He said the 2nd edition of the forum, coming after the overwhelming success of the inaugural forum last year, promises to be a landmark event, bringing together key stakeholders from across the continent and beyond to discuss and address critical issues related to Africa’s climate future.

The theme of the ACF 2024 is, “Africa’s Climate Future: Pathways from Dependence to Leadership.”