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    Home » Tinubu unveils $2.5bn carbon market policy over climate-focused economic growth

    Tinubu unveils $2.5bn carbon market policy over climate-focused economic growth

    April 24, 2025
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    President Bola Ahmed Tinubu

    Mkpoikana Udoma

    Port Harcourt — President Bola Tinubu has announced the finalisation of Nigeria’s Carbon Market Activation Policy, a bold move projected to unlock $2.5 billion in carbon credit investments by 2030, as the country deepens reforms linking climate resilience with economic transformation.
    Speaking during a high-level virtual dialogue co-hosted by the UN Secretary-General António Guterres and Brazilian President Luiz Inácio Lula da Silva, President Tinubu positioned Nigeria as a leader in the just energy transition, calling for unified global action and investment ahead of COP30.
    “The global climate emergency demands our collective, courageous, and sustained leadership. For Nigeria, the urgency of this moment is clear: we view climate action not as a cost to development, but as a strategic imperative.”
    A major highlight of Tinubu’s presentation was the March 2025 finalisation of the Nigeria Carbon Market Activation Policy. According to him, the initiative will create a vibrant carbon credit economy, providing an investment platform for climate-aligned growth.
    “Our climate strategy is not limited to planning and regulation — it is also rooted in market reform. This policy will unlock up to $2.5 billion by 2030 in high-integrity carbon credits and related investments,” Tinubu said.
    The carbon market policy is expected to support clean energy deployment, reforestation, climate-smart agriculture, and industrial emission reductions across key sectors of the economy.
    In a further push to attract global finance, Tinubu announced that Nigeria is developing a Global Climate Change Investment Fund, which will serve as a blended finance mechanism to de-risk green infrastructure and mobilise large-scale capital for clean energy initiatives.
    “We are working to position Nigeria as a premier destination for climate-smart investment. The fund will finance green industrial hubs, e-mobility infrastructure, renewable energy mini-grids, and regenerative agriculture for underserved communities,” the president stated.
    Tinubu also highlighted Nigeria’s Energy Transition Plan, ETP, which requires more than $410 billion in financing to achieve net-zero emissions by 2060 across five core sectors: power, cooking, transportation, oil and gas, and industry.
    He noted that Nigeria is aligning its fiscal incentives, regulatory systems, and institutional frameworks to ensure energy access and economic competitiveness go hand in hand.
    “We are in the process of aligning our regulatory environment, fiscal incentives, and institutional frameworks to ensure that energy access, decarbonisation, and economic competitiveness proceed in lockstep,” he said.
    President Tinubu underscored Nigeria’s regional leadership as an anchor country in Mission 300 — a joint World Bank and African Development Bank initiative aimed at providing electricity to 300 million Africans by 2030.
    “We are also taking leadership on energy access. This is evident in our National Energy Compact, one of the first of its kind in Africa. It lays out policy reforms, investment opportunities, and quantifiable targets to increase clean cooking and electricity access.”
    He affirmed Nigeria’s commitment to updating its Nationally Determined Contributions under the UN Framework Convention on Climate Change, with a comprehensive revision expected by September 2025.
    Thanking international partners such as the United Nations and Sustainable Energy for All, SEforALL, for their support, Tinubu called for stronger global collaboration to meet climate goals.
    “These partnerships are a shining example of the value of multilateral cooperation in climate delivery. We are prepared to collaborate, lead, and deliver — because we understand that the time for climate action is not tomorrow; it is now,” he concluded.
    The high-level dialogue drew participation from 17 countries and major blocs including China, the European Union, the African Union, ASEAN, and the Alliance of Small Island States — all reaffirming commitments to ambitious climate action ahead of COP30, set to be hosted in Brazil.

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