The Federal Government has inaugurated a Technical and Steering Committee on the creation and management of the Nigeria Green Climate Fund and Sovereign Carbon Credits, a strategic move to position the country as a major player in global climate finance and energy transition.
The inauguration, held in Abuja, was conducted by the Permanent Secretary of the Ministry of Petroleum Resources, Dr. Emeka Vitalis Obi, who described the initiative as a “bold step” toward integrating economic growth, energy security, and environmental responsibility.
“We gather at a defining moment where energy security, climate responsibility, and economic resilience must no longer exist in silos,” Dr. Obi said. “This committee’s work is not mere paperwork; it is economic statecraft, climate diplomacy, and a transition by design, not by external pressure.”
According to him, the committee will develop a financial, institutional, and regulatory framework to enable Nigeria to access global climate capital, monetize emission reductions, and transform the Ministry of Petroleum Resources into a climate-smart and transition-energy institution, in line with the Petroleum Industry Act (PIA) 2021.
Dr. Obi highlighted that the global voluntary carbon market is projected to exceed $50 billion by 2030 and reach $1 trillion by 2037, yet Africa—responsible for less than three percent of global emissions—receives under five percent of climate finance.
He noted that the petroleum sector remains central to global climate solutions, given that methane emissions—84 times more potent than carbon dioxide—make up a major share of industry emissions.
Nigeria, he said, has pledged under its updated Nationally Determined Contributions (NDCs) to cut emissions by 47 percent by 2030, equivalent to 60 million metric tonnes, subject to international support.
Dr. Obi disclosed that gas flaring in Nigeria has dropped from 2.5 billion standard cubic feet per day in 2000 to about 700 million today, yet still emits over 25 million metric tonnes of CO₂ equivalent annually. Capturing and trading this as carbon credits, he added, could earn the country over $500 million every year.
