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Nigeria’s sovereign wealth fund is setting up a carbon credit market
#climate and sustainability
#energy and natural resources
#oil industry
#energy
#investments
The Nigeria Sovereign Investment Authority (NSIA) and Vitol, an oil refining and trading group have completed a $50 million joint venture to invest in carbon avoidance and removal projects. The joint venture which was first mooted in July last year, aimed to aggregate voluntary market carbon credit from project partners and third parties, as reported by PremiumTimes, a Nigerian online newspaper.
The Nigeria Sovereign Investment Authority (NSIA) and Vitol, an oil refining and trading group, have completed a $50m joint venture to invest in carbon avoidance and removal projects. The new venture, which will operate a voluntary carbon market for Nigeria, will invest in a household energy efficiency programme to supply 400,000 clean cooking and water filtration devices to Nigerian households. Aminu Umar-Sadiq, MD and CEO of NSIA, said incremental steps to address issues such as water security and homestead energy access and consumption would be necessary if the UN's Sustainable Development Goals were to be achieved.
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