In a strategic move ahead of the 30th United Nations Climate Change Conference (COP 30) in Brazil, the Federal Government of Nigeria has approved the adoption of a National Carbon Market Framework along with the operationalisation of the Climate Change Fund.

This initiative aims to place Nigeria in a strong position to access between $2.5 billion and $3 billion annually in carbon finance over the next decade.

The approvals were announced following a presentation by Mrs. Omotenioye Majekodunmi, Director General of the National Council on Climate Change (NCCC), at the council?s second meeting held Thursday evening at the Presidential Villa, Abuja.

President Bola Tinubu, represented at the meeting by Vice President Kashim Shettima, emphasised the administration?s commitment to leveraging global carbon market opportunities.

According to a statement issued by the media aide of the Vice President, Stanley Nkwocha, he said. ?Nigeria stands ready to take its rightful place as a global leader in climate action, ensuring that our voice and our reality are heard and respected in international negotiations,? he said.

Tinubu highlighted climate action not only as an environmental necessity but also as an opportunity to unlock investments, jobs, and innovation in energy, agriculture, and industry sectors.

?We will continue to champion policies that protect our people, strengthen our economy, and position Nigeria as a destination for green investment and innovation,? he affirmed.

Majekodunmi described the timing of the meeting as crucial for shaping Nigeria?s global climate agenda and enhancing the country?s ability to mobilize support for its climate goals. She confirmed that Nigeria is now eligible for new rounds of climate finance from multilateral funds, adding, ?The adoption of the National Carbon Market Framework will enable Nigeria to unlock significant carbon finance annually, while operationalizing the Climate Change Fund ensures readiness for immediate fund mobilization and utilization.?

Supporting these initiatives, Finance Minister Wale Edun assured the Council of the Finance Ministry?s full backing. He highlighted the importance of securing Nigeria?s position within the carbon market framework and revealed plans for a quarterly Climate Finance Tracking Dashboard to monitor progress.

This development marks a critical step in Nigeria?s strategy to engage robustly in global climate negotiations and scale up climate-resilient projects funded through the carbon market. (The Sun)

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