It looks like you’re browsing from Netherlands. Click here to switch to the Dutch →
Nigeria's National Council on Climate Change (NCCC) has announced that it will introduce a carbon tax policy and budgetary system for the country. It will be in line with the Energy Transition Plan recently approved by President Muhammadu Buhari. The carbon tax will be based on two forms: (1) an emissions tax based on production, and (2) a tax on goods or services that are generally greenhouse gas (GHG)-intensive.
According to the Director General of the NCCC, Salisu Dahiru, the federal government will set a price for emitters to pay for each tonne of GHG emissions. The NCCC will establish a carbon budget for the country and create a framework for a carbon tax system and carbon trading. The tax is expected to help generate revenue for the government and encourage consumers to take steps to switch fuels and reduce emissions to avoid paying the tax.
Projects that can reduce carbon or GHG emissions will be rewarded with emission-reduction certificates. The certificates can be translated into carbon credits, which can be sold to potential buyers within and outside the country.
The council has been designated as the national focal point for the United Nations Framework Convention on Climate Change (UNFCCC). The secretariat has also been instructed to develop a framework for carbon trading and to establish the Climate Change Fund for Nigeria. These funds will be used to undertake projects to help Nigeria fulfil its obligations under the nationally determined contributions, as well as under the net-zero target of 2016.
The council is also expected to utilise the Energy Transition Plan to capture the gas needed to reduce the energy gap in the African nation and to reduce deforestation, find economic utility for natural gas, promote economic growth, and create jobs.
As DGB Group, our sole purpose is to rebuild trust and serve the public by making the right information available to everyone. By subscribing to our mailing newsletter, you can get the latest tips and trends from DGB Group's expert team in your inbox. Sign up now and never miss the insights.
In an era where environmental sustainability is paramount, the voluntary (verified) carbon market (V..
The Voluntary Carbon Market Integrity Initiative (VCMI) has declared Bain & Company as the pioneerin..
Microsoft is to acquire 350,000 carbon credits (carbon units) from a Kenyan agroforestry project. Th..
In a groundbreaking development, California's carbon allowance auction has captured the market's att..