The UN-Conference of Parties, COP25, is the 25th United Nations Climate Change Conference which was held in Madrid, Spain, from 2 to 13 December 2019 under the presidency of the Chilean government. The Eko Carbon Exchange hosted a side event on December 11, at the SDG Pavillion on the theme “Emission Reduction Projects-Showcasing Africa’s Solid Waste and Transport Sectors”. The main objective of the event was to create international awareness and global presentation of the Exchange as a carbon offset outfit, mobilize technical partnerships for its programme of activities and attract funding for the offset mechanism to fund low-carbon development. The participants comprised of officials of the Federal Government of Nigeria, participants from African countries and executives from Europe and Asia as well as international climate change activists and experts.
The Director / Chief Operating Officer of the Eko Carbon Exchange, Mr. Innocent Azih, in an introductory presentation, noted that the twin issues of municipal solid waste and transport emissions were increasing in scale in Nigeria and other big cities of Africa. He indicated that the projects that the Eko Carbon Exchange will be aggregating carbon footprints for carbon credit will be solid waste, (including plastics), energy and power, transport and land use/ agriculture and forestry sectors. Others are construction and mining, maritime, aviation and information and communication technology. He noted that the Eko Carbon Exchange was inviting the partnership of all economic and policy actors in Africa and the world such as Business/ entrepreneurship actors, Project leaders and Sector leaders – Agriculture, financial, construction, etc
The issues raised at the panel discussion covers the capacity building for scaling low-carbon development in Africa and a double strategy that includes a strong ‘stick’ to whip violators in line, with a beautiful ‘carrot as incentives for good and appropriate sustainable practices.
However, Finance was identified as the most significant challenge to start scaling low-carbon development in Africa. thus, An engagement with Africans in the diaspora through their repatriation was figured out as a source of revenue generation for low-carbon projects. The dialogue pointed on the need for governments to incorporate market regimes or mechanism which would eliminate inefficient technologies in the transport sector, especially in Lagos State were the means of transportation is majorly based on-road transportation. In addition, Government policy, and interventions based on the Paris agreement were recognized as the powerful tools that can trigger the stakeholder support for green projects growth. The creation of Climate Desks in all State across the Country for awareness, education and projects developed by the government of Nigeria, and creating financial tools such as Green bond were commended. The Government is also Supporting low Carbon projects and driving policy through an inter-ministerial committee on climate change. Stakeholders expressed expectation for an Eko Carbon Exchange partnership with Universities to develop an efficient transportation system and the emplacement of projects within the universities for sensitization of Students. Driving the new low-carbon development strategy will also require maintaining a Nigeria carbon registry efficiently while Scaling of projects in Africa, particularly in the emissions trading scheme. The COP25 event hyperlink https://www.youtube.com/watch?v=gADTCBty8sI&feature=youtu.be;