April 21, 2024

Asteven to unlock $2bn carbon investment, as NDDC sets to power every Niger Delta community with solar energy

Prof. Magnus Onuoha, Executive Director of Asteven Group, Dr. Samuel Ogbuku, Managing Director of the NDDC, Dr. Sunny Akpoyibo, President of the Council on Renewable Energy, Dr. Paul Abolo, Vice President, Asteven Int'l Company Ltd

Oredola Adeola

 

Asteven International Company has agreed to work with the Niger Delta Development Commission (NDDC) to monetise carbon credits and unlock about $2 billion in carbon investment potential in the Niger Delta region.

 

The NDDC has therefore announced the plans to power every community in the Niger Delta region with solar energy, unlocking $2 billion in carbon investments and aligning with the Sustainable Development Goals (SDGs) to address climate change issues in Nigeria.

 

Pius Ughakpoteni,  Director, Corporate Affairs, NDDC, made this known in a statement obtained by EnergyDay on Tuesday after a delegation from the Asteven International Company made a presentation on Renewable Energy and Carbon Credit at the NDDC headquarters in Port Harcourt, Rivers State capital.

 

Dr. Samuel Ogbuku, NDDC Managing Director, in his remark revealed the plans of the Commission to ensure that every community in the Niger Delta region are powered by solar and is in alignment with the Sustainable Development Goals (SDGs) to address climate change issues in Nigeria.

 

According to him, the NDDC’s target is that every community in the Niger Delta region will be powered by solar, which is renewable and a cheap form of energy.

 

“In addition to this, we shall create industrial clusters to be powered by solar which will help in improving the agricultural value chain,” the MD said.

 

Dr. Ogbuku further emphasized the Commission’s collaboration with a US-based firm and its compliance with the National Council of Climate Change, demonstrating their dedication to climate-related matters.

 

He said, “Solar power has the dual benefit of helping people with projects and building carbon credits. We expect to recover the carbon credits we have garnered so far. Such recovered funds can be reinvested.”

 

Dr. Ogbuku therefore highlighted the potential for environmental regeneration, particularly mangrove restoration.

 

Prof. Magnus Onuoha, Executive Director of Asteven Group, during a presentation on the carbon credit market, highlighted the global significance of NDDC’s green projects.

 

Asteven International Company assured the Commission of assistance in monetising carbon credits and unlocking a substantial $2 billion carbon investment potential in the Niger Delta region.

 

Prof. Onuoha therefore underscored the centrality of the Niger Delta in the international climate change discourse and urged NDDC to actively engage experts for climate finance and technology support. He emphasized the importance of climate justice for sustainable development in the region.

Dr. Sunny Akpoyibo, President of the Council on Renewable Energy, in his comment, pledged support to NDDC in developing projects with carbon values.

 

He said, “NDDC should work towards getting a return on sustainable development. The Commission needs to unlock trapped values in its projects.”