Prof Osinbajo, AfDB President, SEforALL CEO, eleven others emerge as pioneer committee members of ACMI to grow African carbon markets
Oredola Adeola
Vice President, Prof. Yemi Osinbajo, Dr. Akinwumi A. Adesina, President of the African Development Bank Group, Damilola Ogunbiyi, Chief Executive Officer, UN Sustainable Energy for All (SEforALL). have been announced as members of the fourteen-member steering committee of the African Carbon Markets Initiative,
ACMI, is a pioneer voluntary billion dollars’ worth carbon market in Africa, dedicated to ensuring that carbon credits grow into a major African export.
The Nigerian Vice President will be joining other African leaders, CEOs, and carbon credit experts, the Africa Carbon Markets Initiative (ACMI) with the specific aims of dramatically expanding Africa’s participation in voluntary carbon markets.
EnergyDay gathered that the ACMI will be launched at the forthcoming International Climate Change Conference in Egypt, tagged COP 27, in collaboration with the Global Energy Alliance for People and Planet, Sustainable Energy for All, the UN Climate Change High Level Champions and the UN Economic Commission for Africa, scheduled to commence on Sunday, Nov 6, 2022 to Friday, Nov 18, 2022
The Africa Carbon Markets Initiative (ACMI), the new and innovative Climate Change solution is expected to pioneer a voluntary billion-dollar worth carbon market on the continent and also create millions of new jobs in Nigeria alone, over the period of energy transition.
Professor Osinbajo in a statement accepting the invitation to join the steering committee of ACM, said that the Committee and the Initiative will identify and address the challenges facing African voluntary carbon markets and ensure carbon credits grow into a major African export.
He said, “On the journey to net zero emissions, the Federal Government is pioneering a voluntary billion dollars’ worth Carbon Market on the continent, a new and innovative Climate Change solution which will create, over the period of energy transition, millions of new jobs in Nigeria alone, according to estimates of international experts.
“ACMI estimates suggest that Nigeria alone could produce up to 30 million carbon credits per year by 2030, which at $20/credit would be worth over half a billion dollars annually. At this level of production, the industry could potentially support over 3 million Nigerian jobs. And Nigeria has only a portion of Africa’s total potential—the impact for the continent as a whole could be far greater.
Osinbajo has through the recent launch of the Nigeria’s Energy Transition Plan(ETP) unveiled the country’s strategy outlining it intends to achieve the global net zero emissions target by 2060 while eliminating energy poverty.
Laolu Akande, media aide to the Vice President, in a statement disclosed that the ACMI’s estimates suggest that Nigeria alone could produce up to 30 million carbon credits per year by 2030, which at $20/credit would be worth over half a billion dollars annually.
According to the estimates by the ACMI, “at this level of production, the industry could potentially support over 3 million Nigerian jobs. And Nigeria has only a portion of Africa’s total po
tential—the impact for the continent as a whole could be far greater.”
EnergyDay gathered that the jobs to be created through ACMI will span the period of the energy transition, with the kick-off of the market till 2060.
Based on the data from ACMI, Nigeria is estimated to produce up to 30 million carbon credits per year by 2030, which at $20 dollars per credit would be worth over half a billion dollars annually.
The ACMI’s estimate said, “At this level of production, the industry could potentially support over three million Nigerian jobs. And Nigeria has only a portion of Africa’s total potential – the impact for the continent as a whole could be far greater.
The Carbon Credit initiative prioritises the use of environmentally friendly energy sources for domestic and industrial purposes. For instance, carbon credits could support the conditional portion of Nigeria and other African nation’s nationally determined contributions (NDCs) under the Paris Agreement.
Nigeria’s carbon credit potential is concentrated in household devices and forestry sectors, both of which will attract significant benefits. Household devices—like solar lanterns and clean cook-stoves—contribute to expanding energy access and improving health outcomes, while carbon forestry credits enable the conservation of Nigeria’s rich biodiversity and support sustainable livelihoods.
As part of this vision, Nigeria aims to pioneer innovative climate solutions that will benefit Africa and the world. One of these solutions is the production and sale of carbon credits, which have enormous potential for Africa that is only beginning to be explored.
The Nigerian Government through the recently signed Climate Change Act of 2021, which also provided the framework for national coordination on climate change issues.
Another major initiative of the Nigerian Government was the National Council on Climate Change, inaugurated in September, with the authority needed to drive major emissions reductions.
The Government has also developed a carbon credit activation plan, to clearly identify responsibility within the government for the regulation and promotion of carbon credits, and would outline a set of actions the government can take to support the industry.
Damilola Ogunbiyi, Chief Executive Officer, UN-based Sustainable Energy for All (SEforALL)/Co-Chair of UN-Energy, in her acceptance speech also said that the rapidly growing carbon markets have the potential to inject billions into African economies in the coming decades while accelerating energy access, enabling the energy transition, protecting biodiversity, and creating jobs.
According to her, ACMI aims to develop a roadmap of action programs that will be implemented over the next few years to meet that ambition.
Others on the Committee list include former President of Colombia, Ivan Duque Marquez; President of the African Development Bank, Akinwumi Adesina, among others, including officials of the United Nations, USAID, Gates Foundation and other international private sector players.
Also on the committee are Samuel Thevasagayam Deputy Director, Gates Foundation,; Gillian Caldwell, Chief Climate Officer, USAID ; Annette NazarethChair of Integrity Council for Voluntary Carbon Markets,; and David Antonioli, CEO, Verra.
In addition, Sitoyo Lopokoiyit, CEO, M-PESA Africa,; Ariel Perez, Managing Partner, Hartree; iham EIGizy, Director, MENA Voluntary Carbon Exchange, R;M Sanjayan, CEO Conservation International,; Joseph Nganga, Vice President, Global Energy Alliance for People and Planet (GEAPP), and Africa Director, UN Climate Change High-Level Champions.
