Expert advocates more efforts on development of carbon markets

Chief Executive, Green Energy & Biofuels (GEB), Femi Oye has urged the government to scale up its carbon markets to draw foreign investment and support.

Oye was reacting to the attempt by the Government of Tanzania to draw foreign investments by promoting carbon credit projects.

Tanzania signed a deal for one of its biggest land-based carbon credit projects, covering six national parks, spanning 1.8 million hectares (4.4 million acres). Tanzania is receiving over $20 billion in investment in carbon offset credits from more than 20 companies.

He called on more companies to participate in projects that will help build a vibrant carbon market in Nigeria and in Africa.

According to him, smallholder farmers can benefit from carbon credits generated by improving farming techniques. The credits, he explained, would be issued under the sustainable agricultural land management (SALM) carbon accounting methodology.

After years of land degradation, Oye indicated that many farmers were struggling to grow enough food for their families.

To reverse this, he called on the Federal Government to enlighten farmers on the benefits of practising farming that is more productive, sustainable and climate-friendly.

He said it was time for farming projects that would demonstrate synergies between climate change adaptation and mitigation strategies in agriculture.

According to him, carbon credits are creating a revenue stream that adds to farmers’ income beyond their increased crop yields.

He stressed the need to establish further cooperation between the government and carbon credit investors as businesses and organizations look for viable ways to curb their CO2 emissions.

He said carbon credits play a crucial role in preserving forests and protecting the way of life of local communities.

According to him, the carbon market presents an opportunity for the country to generate funds and address deforestation and forest degradation.

He hinted that other governments in the continent were positioning themselves strategically in the emerging carbon markets. He continued that governments were developing mechanisms and frameworks to ensure that carbon credit projects in their respective territories attract investors and firms innovating nature-based solutions to climate change.