Nigeria aims to be world leader in ITMO origination

At the recent UN Conference on Climate Change (COP 25), the Minister Environment, Dr Muhammed Mahmood Abubakar, met with the CEO of Global Environmental Markets (GEM), Wayne Sharpe, and Dr Eugene Itua of Natural Eco Capital Ltd, a leading sustainability consultancy firm in Nigeria working in collaboration with GEM on national registry and carbon exchange.

According to a statement from the Federal Ministry of Environment, Nigeria recognises its need for a national carbon registry and will enter final discussions to use GEM’s technology to deliver the ITMO registry for registering and issuing International Transfer Mitigation Outcomes (ITMOs) projects.

With the environment minister, working with the director, Climate Change Department of Nigeria, Dr Peter Tarfa, this technology is expected to enable Nigeria to launch its own ITMO registry and become one of the first countries in the world to be ready to sell ITMOs internationally.

“It is noteworthy to say GEM’s ITMO registry has the capacity to register projects, originate and house carbon credit projects and carbon credits originated in the country, and as well transfer them electronically to buyers globally who have accounts in the registry or a linked registry, and/or Over The Counter (OTC) or via Carbon Trade Exchange (CTX) globally.

“So, the path to a positive conclusion has begun and all parties hope will see Nigeria’s first ITMO’s issued and ready for international sale in the first half of 2020 as sub-nationals like Kaduna State has already indicated heavy interest,” the statement added.