Tantita Security Services has suggested the adoption of carbon credit schemes, which could see coastal communities earn over N320 million yearly from the debilitating effects of climate change.
Carbon credits are a transparent, measurable and results-based way for companies to support activities, such as protecting and restoring irrecoverable natural carbon sinks, like forests or marine ecosystems and scaling nascent carbon removal technology that keeps global climate goals within reach.
The Executive Director, Operations, Tantita Security, Captain Warredi Enisuoh, made this recommendation yesterday while delivering the guest lecture at the African Marine Environment Sustainability Initiative (AFMESI) fourth yearly symposium and workshop, in Lagos.
In his presentation, titled: “Achieving Blue Growth in a Changing Climate – Integrating the Coastal Communities,” Warredi disclosed that Tantita Security realised the importance of carbon credits in a bid to provide solutions to the gross pollution in the Niger Delta region.
He equally stated that one mature tree can absorb 80 kilogrammes of carbon dioxide (CO₂) from the atmosphere in a year and noted that several developed countries have adopted the carbon credit initiative to preserve their environment.
“If we allocate 50,000 trees per coastal community, one carbon credit is equivalent to one tonne of carbon dioxide, which is valued at $50. CO₂ absorption per year is 80kg multiplied by 50,000 trees, which is 4,000,000kg. Earning 4,000,000kg multiplied by $50/1,000 – $200,000/уear, which is $200,000 multiplied by 1,600 that is N320, 000,000 yearly,” Warredi explained.
He, however, lamented that despite the recent signing of the Climate Change Act by Nigeria, the Federal Government is still investing in the acquisition of diesel-powered trains.
While pointing out that the Nigerian Ports Authority (NPA) can exchange carbon offset for funds to be channeled into port automation, Warredi admonished maritime operators to approach the innovative concept with a sincere concern about the environment and not pecuniary interest.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, declared the workshop open and encouraged the participants to share viable suggestions to address the numerous challenges in the blue economy.
Oyetola reiterated the Ministry’s commitment to safety and sustainable blue economy.
Earlier, the President of AFMESI, Dr. Felicia Mogo, maintained that the initiative is focused on establishing innovative financing mechanisms that support blue economy projects across Africa.
She said the aim is to attract investment in sustainable ocean industries, from eco-friendly aquaculture to renewable marine energy, to ensure that these investments benefit the communities most in need.
“We will work with financial institutions, government agencies, and private organisations, among others to achieve this goal,” she said.
