The Federal Government has announced that it may sanction traders engaged in carbon emission without recourse to designated authority, urging them to desist from such activity.
Carbon trade is the buying and selling of credits that permit a company or other entity to emit a certain amount of carbon dioxide or other greenhouse gases.
The carbon credits and the carbon trade are authorised by governments with the goal of gradually reducing overall carbon emissions and mitigating their contribution to climate change.
The Federal Government’s warning came in Abuja at the validation workshop for the assessment of carbon pricing initiative in Nigeria, as it explained that the country had released an initial regulatory guidance which emphasised the need for a carbon trading scheme.
Speaking at the workshop, the Director-General, National Council on Climate Change – a Federal Government agency, Salisu Dahiru, said the regulatory guidance would be tailored towards the government’s priority and would align with Nigeria’s Nationally Determined Contributions on carbon emission, hence should not be altered.
“The situation whereby carbon trading schemes that are all over the place are being done without recourse to the designated national authority for United Nations Framework Convention on Climate Change in Nigeria, has to stop.
“We will ensure that every opportunity for harvesting emission reduction certificate from ongoing activities in Nigeria are linked to our NDCs, because that is what the Paris Agreement said and that is what we intend to follow.