By Nneka Nwogwugwu
The Federal government has stated that Nigeria earns over one million euros from sale of carbon credits.
Mr Bala Wunti, Group General Manager, National Petroleum Investment Management Services (NAPIMS) made this known on Wednesday in Abuja, while speaking with newsmen on the sidelines of the ongoing 2021 Nigeria International Petroleum Summit (NIPS).
Wunti stated that Nigeria has earned over one million euros from sale of carbon credits through its partnership with TotalEnergies.
“Two major ways is either you use your positive carbon credit position to offset your negative position in other businesses to create a carbon neutrality or you can monitise it for someone in negative position,’’ Wunti said.
He said this was what Total did in the joint venture with the NNPC and had created an additional revenue inflow for the government.
Wunti reiterated the government’s commitment to reduction of carbon emissions in the country as the world was moving toward energy transition.
He said that this was behind the recent declaration of 2021 to 2030 as the “Decade of Gas’’ and intensified efforts to monitise gas flaring in the country.
NatureNews reports that a carbon credit is a generic term for any tradable certificate or permit representing the right to emit one tonne of carbon dioxide or the equivalent amount of a different greenhouse gas.
