The Nigeria Sovereign Investment Authority, NSIA and Vitol S.A, have entered into an agreement to establish a Joint Venture, JV to invest in a range of projects.
Fresh Angle International understands that both parties have agreed to make an initial commitment of $50Million to this new venture.
Carbon Vista is designed to create investor exposure to voluntary carbon markets across a variety of projects, with exposure to different income streams and ancillary impact benefits.
Some have said the death of the planet, will come with the neglect of the planet.
A few weeks ago, the Intergovernmental Panel on Climate Change, IPCC, released a report warning that global warming might attain 1.5°Celsius much earlier than expected even possibly in the 2030s.
The Energy Transition Process is a tough process; especially tough for those of us who are from gas-rich countries and fossil fuel-rich countries.
It is understood that for countries like Nigeria, rich in fossil fuel, it may find itself in a situation where its energy, is poor.
Vice President Yemi Osinbajo (left) speaking during the ceremony to kick-start the agreement
Nigeria’s Vice President, Prof. Yemi Osinbajo, in a tweet today, Monday April 10, while responding to the development, asserted: “I believe Africa can become the first truly green civilization - the first civilization on earth to use renewable fuel for purposes of a transformative economic journey.
“I am excited about the collaboration and I must thank Mr. Aminu Umar-Sadiq (MD, NSIA) as well as Mr. Michael Curran (Global Head of Carbon and Environmental Products for Vitol) for their commitment to developing the African Carbon Market especially the Nigeria Carbon Market.
“Special recognition also goes to @DrSalisuDahiru (Director-General of the National Council on Climate Change) who is innovative and dynamic is his approach to discharging the responsibilities of the Nigeria Climate Council.
A cross Section of Officials of Nigeria Sovereign Investment Authority & Vitol S.A, after the signing ceremony
“I understand the CarbonVista Fund, will partner with local institutions with a track record of successfully delivering high quality projects. I also understand the Initiative will seek to mobilize voluntary market carbon capital from the JV partners and potential third parties towards a more equitable energy transition for Nigeria and indeed Africa.”
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