Nigeria: Country leads in gas emission reduction campaign - effort in furtherance of the global Clean Development Mechanism

June 7th, 2009

 

 

Abuja (Nigeria) — Nigeria is on the verge of taking the lead as Africa's highest contributor to the global greenhouse gas emmission reduction campaign.

According to statistics given by Head of Climate Change Unit of the Federal Ministry of Environment, M r Victor Fodake, at a media briefing on World Environment Day in Abuja, Nigeria has through the gas gathering projects being executed by two oil companies, Pan-Ocean and Addax , been able to earn 560million euros.

The projects, which is part of the country's effort in furtherance of the global Clean Development Mechanism (CDM) programme, will push Nigeria up by 40 per cent in certified emmission reduction, ahead of South Africa's 20 per cent in carbon trade volume.

"We have projects in the oil sector that are focusing on low gas emmission and the clean development mechanism. Pan Ocean Gas utilisation project in the Niger Delta captures 2.6million metric tons of gas amounting to 260 euros while Addax Oil is a implementing a gas gathering project that would rake in 300 euros, " he said.

THISDAY had reported that before now, that Nigeria had been lagging behind in the world lucrative carbon trade market estimated to have hit $40billion, owing to some basic factors such as ignorance and high cost of requisite technology.

Ahead of the World Environment Day tomorrow, Minister of Environment, Mr. John Odey, said government is currently focusing on implementation of the Clean Development Mechanism (CDM) projects and other climate friendly projects, to address the threat of climate change both in terms of mitigation and adaptation.

Odey said most of the projects were executed on public-private-partnership basis, adding that some of the big banking institutions, had indicated interest in some of the CDM projects, ranging from afforestation and forest degradation programmes to capturing of associated gas in the course of petroleum exploration.

 

source.This Day (Nigeria)