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Nigeria adopts carbon pricing to curb global emission

The adoption of Carbon Pricing as a key strategy to reducing global carbon emission received a major endorsement recently in Lagos, where stakeholders gathered at a daylong forum to explore inherent modalities.

Participants at the Dialogue
Participants at the Dialogue

The Breakfast Dialogue on Climate Change, Carbon Pricing and Renewable Energy held on Tuesday, July 18, 2015 at the instance of the Carbon Exchange Trade, SMEFUNDS, Nigeria-German Business Association and the New Nigeria Foundation. The Dialogue had in attendance representatives of corporate business and civil society communities, foundations, research organisations, business associations, the media and academia.

The key outcome of the meeting was the formation of the Carbon Pricing Leadership Coalition Nigeria. With this development, the nation’s Coalition becomes the latest to partner the World Bank’s Carbon Pricing Leadership Coalition, which already has about 15 countries.

The conversation at the Dialogue centred on the theme: “Climate Change, Carbon Emission Reduction & Economic Diversification Taking Action for Sustainable Future”. Through one key and three intervention presentations, the issues of global warming, impacts mitigation, economic and environmental resilience, energy efficiency and investments as well as ultimate emission reduction and wealth creation through carbon pricing were highly espoused and discussed.

Participants at the Dialogue observed that Nigeria must not lose the current opportunity in contribution to the regulations and implementation strategies in the Sustainable Development Goals (SDGs) starting September 2015. They particularly frowned at how the country had stood aloof without tapping into the groundswell of opportunities to wealth creation and economic diversification provided by climate change, renewable energy and particularly in the carbon pricing mechanism. They insisted that China, California, Germany and Sweden had scaled up their renewable energy deployment through carbon pricing and trading regulations, and which is an opportunity available to Nigeria given its huge presence in global fossil fuel trade.

According to the organisers, the Carbon Leadership Pricing Coalition was formed, among other things, to:

  • Create awareness among policy makers, economic and civil society actors in the country on the mechanism and opportunities in climate change mitigation, through carbon pricing;
  • Engage in global advancement of carbon emission reduction and overall environmental preservation;
  • Enable Nigeria attain a low-zero carbon economic growth and diversification
  • Become the Local Action Hub for climate mitigation, carbon pricing and renewable energy actions including projects/programmes development, education, wealth/opportunity creation and international engagement.

Over 30 participants signed and endorsed the Coalition.

Besides endorsing the formation of the Carbon Pricing Leadership Coalition in the country, participants also requested that the Nigerian government take opportunities in Carbon Pricing through appropriate policy and regulatory provisions as well as stakeholder engagement to enable private sector activism and wealth creation which will empower the economy for diversified growth through investments growth in renewable energy and energy-efficient projects.

This, they reason, will spin-off employment creation through economic diversification, increased health and food security and ultimately revenue generation and financial security for government.

Similarly, they invited key economic and policy actors to take part and explore opportunities presented in the activities the Coalition will be implementing to promote the initiative.

They also agreed on regular Breakfast Conversations to intensify both knowledge and activism on the issues. The next meeting will hold in September.

Innocent Azih is the interim leader of the group, while Professor Femi Ajibola drives the initiative.

Meanwhile, towards preparation for its effective participation during the 21st Session of the Conference of the Parties (COP21) to the United Nations Framework Convention on Climate Change (UNFCCC) holding in Paris in December, Nigeria will for two days from Wednesday August 25, 2915 in Abuja convene a training/workshop session.

Besides formally inaugurating its team of Negotiators at the global forum, participants will reflect on the current negotiation text, to cluster negotiating teams along the thematic negotiating issues.

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