Courtesy of Common Edge
This article was originally published on Common Edge.
A few days ago, the world gathered at Sharm El Sheik, Egypt, for its annual climate change summit: COP27. Like the rest of Africa, Nigeria is represented by its retinue of bureaucrats, climate advocates, and other interest groups. Since the last meeting in Scotland (COP26), Nigeria signed the Climate Change Act into law, setting a target of attaining net-zero greenhouse gas emissions between 2050 and 2070. In the interim, Nigeria has developed an ambitious energy plan that would see it transition from fossil fuels to renewable energy, using its vast reserve of natural gas as a hedge. The country is at the forefront of the African Carbon Markets Initiative and plans to raise at least $500 million from carbon crediting trading to offset emitted carbon.
