COP29: Nigeria developing framework for participation in carbon market, says minister

Balarabe Lawal, minister of environment, says Nigeria is developing a new carbon market registry to reduce its emissions footprint.

Lawal spoke on Tuesday while delivering the national statement on President Bola Tinubu’s behalf, at COP29 in Baku, Azerbaijan.

He said Nigeria has developed a strategic plan to engage with Article 6 of the Paris Agreement — which focuses on the mechanisms for calculating carbon market units and establishing pricing structures.

This framework was agreed by parties in the first week of COP29. 

“In our effort to reduce our carbon footprint and achieve our national objectives, we have developed a framework and strategy plan for participation in the Article 6 Carbon Market,” he said.

“Further, Nigeria has established an Article 6 Carbon Market Framework that incorporates national interests in the carbon market activation plan.

“Currently, a national carbon registry is being developed.

“Nigeria aligns with the rest of Africa in demanding greater, easier access to international climate finance, including grants and concessional loans, to support mitigation and adaptation efforts.”

The minister called for an increase in adaptation finance for developing countries. 

He added that the country’s adaptation plan is being finalised ahead of the February 2025 deadline.

“We stress the need to significantly scale up adaptation finance to enable developing countries to accelerate adaptation and build resilience,” Lawal added.

“We also urge accelerated efforts to operationalise the loss and damage fund to mitigate the damaging impacts of climate change. 

“In Nigeria, in our stride towards reducing susceptibility to climate change, we are incorporating adaptation measures into policies, programmes and actions.

“An adaptation compact with project pipelines exists to help us build much-needed resilience. We are open to partnerships in this regard.

“Also, the National Adaptation Plan (NAP) is being finalised to make Nigeria more resilient to its development priorities and systems.

“To enable countries resilience strong enough to withstand climate change impacts, Nigeria hereby advocates for the provision of means of implementation to achieve the Global Goal on Adaptation (GGA).”