A global environmental organisation, the Nature Conservancy, has called on the government to spearhead Africa’s carbon market expansion to ensure sustainable revenue in the country.
The group said sub-Saharan Africa possesses 20 per cent of the world’s forests. However, the region is currently falling short, representing only 11 per cent of global carbon credits issued between 2016 and 2021, adding that the two per cent utilisation of the continent’s maximum capacity indicates a vast untapped market.
The group’s African Climate Director, Dr Kevin Juma, who spoke on ‘Carbon Credits: Opportunities and Pitfalls’ at the 22nd Chief S.L. Edu Memorial Lecture, organised by Nigerian Conservation Foundation (NCF) in Lagos, said Nigeria’s natural carbon sinks has significant potential for sequestering up to 30 million tonnes of carbon emissions that will play a pivotal role in the global carbon market.
“By actively engaging in this market, the potential benefits are considerable. Not only can Nigeria generate revenue from carbon credits, but it can also enhance its environment and promote sustainable development. Nigeria has the opportunity to tap into and boost the carbon market by leveraging its ecosystems for sustainable development,” Juma noted.
“Urbanisation and degradation have rapidly depleted green resources, but this creates a chance to transform vital ecosystems into productive assets. By utilising the carbon market, we can incentivise communities and reward them with carbon credits,” he said.
However, Juma also cautioned that success hinges on high-quality projects, assessment of natural ecosystems and land use, and collaboration across sectors to reduce pressure on these resources.
He emphasised the importance of individual awareness of the global carbon market, saying, “The Paris Agreement Article six creates avenues and mechanisms for trade between countries, widening and increasing the demand for voluntary carbon projects. Individuals need to be aware of this to benefit from the global market.”
Despite the opportunities, he warns of potential pitfalls: lack of robust monitoring, unethical practices, unclear ownership rights, inadequate pricing, and the risk of industrialised nations neglecting emission reduction efforts.
To address these pitfalls, he expressed the need for “Carbon Market 2.0” – a revised carbon market involving high-quality rules for carbon credits based on global best practices and the latest science.
“The carbon market is instrumental in helping countries and companies achieve their net-zero targets, but this must be done within well-built frameworks at the international and local levels. We need to develop high-quality projects that deliver on climate action goals, restore or protect biodiversity, and benefit the communities,” he concluded.
In a call to action, the Chairman, NCF’s National Executive Council, Hon. Justice R.I.B. Adebiyi, urged Nigerians to participate in green recovery and support sustainable practices, as well as encouraged individuals to plant trees, recycle, and reduce their carbon footprint.
Adebiyi emphasised that participating in these efforts equates to partnering with the NCF in achieving its mission of conserving nature for present and future generations.
NCF Director-General, Dr Joseph Onoja, echoed Adebiyi’s message, urging state governments to protect forest reserves and explore the carbon market for sustainable revenue. He advised governments to establish forest reserves not just for carbon credits, but also for long-term biodiversity and ecosystem health.
Onoja also highlighted the additional benefits of urban trees, such as oxygen production and reduction in heat indexes in urban cities.
