Warning: getimagesize(https://media.energytimesonline.com/wp-content/uploads/2020/08/logo_n-removebg-preview-300x55.png): failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792
Saturday, June 19, 2021
Home Business Technology Nigeria earns 1m euros from sales of carbon credits

Nigeria earns 1m euros from sales of carbon credits

- Advertisement -

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Death toll from Lagos LPG tanker explosion rises to 5 — NEMA

The number of persons killed in Thursday’s gas tanker explosion at the Ogun State Property Investment Company (OPIC) Plaza in Ikeja has risen to...

Scores injured, 25 vehicles burnt in Lagos gas explosion 

A LPG tanker exploded at about 1032hour on Thursday on the Mobolaji Bank Anthony Way opposite Sheraton hotels and Towers. Ikeja. The explosion was alleged...

Lagos begins demolition of structures under power lines

The Lagos State Building Control Agency, (LASBCA), said it would embark on demolition of illegal structures constructed under high tension cables and others. A statement...

Lekan Akinyanmi in full control of Lekoil Nigeria

Lekan Akinyanmi remains in full control of Lekoil Nigeria Limited (Lekoil Nigeria), the company officially recognized by the Nigerian government as custodian of some...

Recent Comments