Nigeria’s Climate Plan Will Unlock $2.5bn In Carbon Credits — Tinubu

President Bola Tinubu has urged world leaders to demonstrate unity, courage, and sustained commitment in addressing the worsening global climate crisis.

Speaking on Wednesday during a high-level virtual dialogue on climate and the just transition, President Tinubu reaffirmed Nigeria’s dedication to forging a paradigm shift in which climate action and economic growth advance together, not in opposition.

“The global climate emergency demands our collective, courageous, and sustained leadership. For Nigeria, the urgency of this moment is clear: we view climate action not as a cost to development, but as a strategic imperative,” he stated.

According to a statement by Presidential spokesman, Bayo Onanuga, the meeting, co-hosted by United Nations Secretary-General António Guterres and Brazilian President Luiz Inacia Lula da Silva, aimed to accelerate global climate ambition ahead of COP30, which Brazil will host.

Leaders from 17 countries, including China, the European Union, climate-vulnerable states, and key regional blocs such as the African Union, ASEAN, and the Alliance of Small Island States, participated in the meeting.

The leaders sent a clear message: climate action was moving forward, full speed ahead.

Addressing the session from Abuja, President Tinubu outlined Nigeria’s Energy Transition Plan (ETP) as a bold, pragmatic roadmap for reaching net-zero emissions by 2060. The ETP targets five core sectors—power, cooking, transportation, oil and gas, and industry—and identifies a financing need of over $410 billion by 2060 to achieve these goals.

“We are, therefore, in the process of aligning our regulatory environment, fiscal incentives, and institutional frameworks to ensure that energy access, decarbonisation, and economic competitiveness proceed in lockstep. We are also taking leadership on Energy Access,” he said.

President Tinubu underscored Nigeria’s role as an anchor country in the Mission 300 initiative, implemented in partnership with the World Bank and the African Development Bank (AfDB). The initiative aims to deliver electricity to 300 million Africans by 2030.

He recalled his participation in the Dar es Salaam Declaration earlier this year and Nigeria’s presentation of its National Energy Compact, which outlines reform commitments, investment opportunities, and measurable targets to expand clean energy access and clean cooking solutions.

“This compact is among the first of its kind in Africa and lays out our policy reform commitments and specific investment opportunities in the energy sector. It sets quantifiable targets to grow electricity access and increase clean cooking penetration.

“We are working to build capacity and ensure that we meet these targets, reflecting not just our ambition but also our commitment to deliver on that ambition measurably,” he said.

As part of the broader energy reforms architecture, President Tinubu announced the finalisation of the Nigeria Carbon Market Activation Policy in March 2025. This policy will unlock up to $2.5 billion by 2030 in high-integrity carbon credits and related investments.

He disclosed that Nigeria was actively updating its Nationally Determined Contributions (NDCs) in line with the UN Framework Convention on Climate Change (UNFCCC), with plans to present a comprehensive revision by September 2025.

“Our climate strategy is not limited to planning and regulation — it is also rooted in market reform.

“We are working to position Nigeria as a premier destination for climate-smart investment through the development of a Global Climate Change Investment Fund, which will serve as a platform to blend public and private capital, de-risk green infrastructure, and finance clean energy solutions at scale,” he said.

The fund will support key national priorities such as green industrial hubs, e-mobility infrastructure, regenerative agriculture, and renewable energy mini-grids for underserved communities.

President Tinubu thanked international partners, particularly the United Nations and Sustainable Energy for All (SEforALL), for their advisory and technical support.

“These partnerships are a shining example of the value of multilateral cooperation in climate delivery. We are prepared to collaborate, lead, and deliver — because we understand that the time for climate action is not tomorrow; it is now,” he stated.