By Omotunde Ojugbele
ReSeed, a nature-based carbon credit solutions provider, has announced its partnership with Centre for Renewable Energy and Action on Climate Change (CREACC-NG), to bring carbon credits directly from Nigerian smallholder farmers to market.
ReSeed CEO and co-founder, Vasco van Roosmalen, disclosed this in a statement issued by the company’s media team.
“The partnership aims to unlock climate financing for Nigeria’s 38 million smallholder farmers while further incentivising carbon stewardship
“The initiative has been green lit by the Nigerian National Council on Climate Change, an officially recognised body by the Paris Climate Accord.
“Nigeria’s 38 million smallholder farmers are responsible for producing 90 per cent of the country’s agricultural produce, yet the vast majority live below the poverty line,” Roosmalen said.
According to the statement the sale of carbon credits holds the potential to significantly improve the livelihoods of Nigerian smallholder farmers
This is with 50 per cent of carbon credit sales going directly to farmers and 30 per cent to CREACC-NG for their on-the-ground support.
“Farmers will easily be able to track data about the carbon collected and stored in the soil on their land, which ReSeed turns into carbon credits with auditable data and satellite imagery verified by ReSeed’s third-party verifier Foodchain ID.
“This partnership reflects a common commitment to a future that is sustainable, ethical and resilient, with the Nigerian nation positioned as a leader in driving forward positive environmental and social transformations.
“This cooperative effort strives to establish a new benchmark for ethical business conduct on a global scale,” Roosmalen said.
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He said carbon credits from Nigerian farmers are estimated to be available for purchase in 2024.
The statement revealed that the profitability and productivity of Nigerian smallholders had long been hindered by the lack of access to market insights.
Roosmalen said they
had also been hindered by minimal ground support, and the high costs of investing in new agricultural practices.
“CREACC-NG will act as ReSeed’s implementing partner to support Nigerian farmers to unlock new revenue streams by measuring the carbon drawn down into soil via regenerative farming practices.
“As more credits are traded in the region, there will no longer be a need for additional deforestation to generate extra income for smallholder farmers and traditional communities.
“ReSeed partners with smallholder farmers around the globe to unlock climate financing and incentivise environmentally-beneficial regenerative agricultural practices while supporting global corporations to clean their supply chains,” he said.
Roosmalen said ReSeed’s partnership with 9000 Brazilian Kilombola farmers resulted in a 40-80 per cent increase in annual incomes.
“It reaches underserved and isolated communities throughout Nigeria with clean energy for afforestation and reforestation, and improves economic conditions for girls.
“This partnership will undoubtedly spur development in our rural communities in Nigeria and drastically improve livelihoods in the region. The project will reduce poverty and hunger by dramatically increase rural farmers’ income.
“Additionally, with many of these farmers tremendously affected by climate change, they will have access to the support and technical assistance to help with resilience and adaptation,” the statement said.
ReSeed, is a Pittsburgh-PA-based AI-powered regenerative nature based services provider while CREACC-NG is a Nigerian-based nonprofit centre.
