Nigeria missing out $ 40 bn on world carbon trade market

May 25, 2009 02:00 AM

Nigeria's energy sector is missing out on the world carbon trade market estimated to have hit over $ 40 bn annually.
Also, there were indications that the country's revenue profile may witness significant decline by 2015 and beyond, due to the spill-over effects of climate change, global warming and measures being adopted by developed countries to deal with the phenomenon.

These facts came to the fore at the capacity-building workshop on climate change, organised by the Policy Analysis and Research Project (PARP) of the National Assembly, in conjunction with the International Centre for Energy, Environment and Development (ICEED) and the Department for International Development (DFID) in Kaduna.
Chairman, Nigeria Environmental Study/Environmental Team, Professor David Okali, in his paper, painted a sad picture of how Nigeria had allowed itself to be schemed out from participating in the world lucrative carbon trade market, which is meant to help promote reduction in greenhouse gas emission among the less-industrialised countries.

"Nigerians are not aware of the trade, the total amount of trading that goes around in the world in a year is about $ 40 bn. It is very painful that Nigerians are not participating in this trade, considering the fact that Nigeria contributes only 0.03 % to global carbon emission," he said.
Explaining the concept of carbon trading, Okali said it operates on the premise that developed countries whose level of gas emission has become so high, are desirable of paying for projects or programmes in developing countries with far lower gas emissions, in line with the world-wide campaign against global warming.

According to him, the trade is in two sections, one is regulated and the other is not regulated.
Whereas the regulated part comes from the UN convention such as the Clean Development Mechanism (CDM), the other one is unregulated, allowing people around the world to participate or trade on carbon dioxide emissions without any law or convention guiding them.

Source / This Day
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