The National Petroleum Investment Management Services (NAPIMS) has said that the country earned over one million euros from sale of carbon credits through its partnership with TotalEnergies.
NAPIMS Group General Manager, Bala Wunti who said this in Abuja on Wednesday noted that; “It is through our partnership with Total that we are able to market our credit position and monitise it and we have earned over one million euros so far.”
A carbon credit is a permit that allows the company that holds it to emit a certain amount of carbon dioxide or other greenhouse gases.
Wunti said “This is the first recorded carbon proceed we are receiving on behalf of the Federal Government of Nigeria and it is from the partnership of our parent company, Nigerian National Petroleum Corporation (NNPC) and Total.
“The business model is simple; any project that allows you the opportunity to have a reduced emission, you get a positive credit for it.
“You accumulate this credit. You can use it in several ways. Two major ways is either you use your positive carbon credit position to offset your negative position in other businesses to create a carbon neutrality or you can monitise it for someone in negative position,’’ Wunti said.
He said this was what Total did in the joint venture with the NNPC and had created an additional revenue inflow for the government.
Wunti reiterated the government’s commitment to the reduction of carbon emissions in the country as the world was moving toward energy transition.
He said Nigeria’s focus is to use its vast natural gas resources to help battle global warming and foster national development.