Chief Executive Officer and Chairman of Cross River State Green Economic Commission, Oden Ewa, has tasked the Federal Government and its agency, the National Council on Climate Change, to urgently finalise work on the Carbon Market Policy Framework, noting that the absence of the policy has hampered the development of the carbon market and attraction of investments to the sector.

Ewa, who is also the state Commissioner for Special Duties and Intergovernmental Relations, commended the state Governor, Bassey Edet Otu, for his commitment to ensuring that Cross River State played the leading role in unlocking the potential of the carbon market through his various initiatives, including the setting up of the state Green Economic Commission.

The commissioner made the call in his keynote address at the Hybrid Stakeholders Town Hall Meeting on Mangrove Restoration, Conservation and Protection, with the theme, ‘Applying Nature-Based Climate Solutions’, held in Calabar, Cross River State, yesterday.

On the lead role by Cross River State in harnessing its green economic potential, Ewa stated: “For decades, Cross River State has been a leader in environmental conservation in Nigeria. Today, with over 53,000 hectares of degraded mangroves awaiting restoration, we have taken proactive steps to engage investors and development partners to harness opportunities in carbon investment.

“At COP28, a significant milestone was achieved when the National Council on Climate Change (NCCC), the Federal Government of Nigeria, and our investment partners, aDryada, a French firm specialising in nature-based solutions, and Noblesse Green Energy, its Nigerian counterpart committed to advancing mangrove restoration in Cross River State.’’

He, however, lamented that work on the corridor had been stunted as a result of the FG not finalising work on the carbon market policy framework that would lead to unlocking the market, attracting investors and allowing sub-nationals to develop their green economic market.