Vice President Yemi Osinbajo will give the keynote talk at a high-level meeting in New York that is being hosted by The Rockefeller Foundation as part of a significant effort to secure financial and technical support for the Nigerian Energy Transition Plan.
This is with the understanding that the Vice President’s speech will trigger the activation of the Voluntary Carbon Market in Nigeria and other African countries.
The meeting will include representatives from many international organizations and potential financial partners. Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL), UN Economic Commission for Africa, and United Nations Climate Change High-Level Champions are a few of the participants.
On Friday, December 9, representatives from the US administration will also attend the high-level conference.
The potential for carbon markets to provide funds for clean energy transitions while boosting economic growth in Nigeria and other African nations will be examined.
Prior to the meeting on Friday 2th December 2022, Prof. Osinbajo will speak with GEAPP and Bloomberg Philanthropies, two organizations that the Federal Government has been working with on the Energy Transition Plan and the activation of the Voluntary Carbon Market.
The Rockefeller Foundation acknowledged the significance of the high-level meeting in a statement “Nigeria’s leadership on the African continent and the global stage,” and praised the Vice President’s “bold voice advocating for carbon market as a solution to simultaneously accelerate economic development and address the effects of Climate Change in Africa.”
Vice President Osinbajo will depart Hanoi, Vietnam, today 8th December 2022 for New York.
An International Steering Committee is driving the activation of African Carbon Markets in Africa, under the auspices of the African Carbon Market Initiative.
Members of the Committee include the Nigerian Vice President, former President of Colombia, Ivan Duque Marquez, officials of the United Nations, United States Agency for International Development, USAID, and Gates Foundation, among others.
According to the ACMI launched last month at COP27 in Egypt, there are clear indications “that Nigeria could mobilize $600 – 800 million per annum in the capital by 2030 (assuming the current average price of $20 per ton of carbon) from Voluntary Carbon Markets and potentially support 3-5 million jobs over the energy transition period.”
Vice President Osinbajo is the Chair of FG’s Energy Transition Plan Working Group, a multi-ministerial team established by President Buhari to implement the ETP.