Osinbajo commissions CarbonVista Fund

Vice President Yemi Osinbajo has commissioned the CarbonVista Fund intended to solidify the agreement between the Nigeria Sovereign Investment Authority (NSIA) and Vitol S.A.

The fund was commissioned on Monday in the presence of Finance Minister Zainab Ahmed and other top officials.

With this fund, Osinbajo said that he believes that Africa can become the first true green civilisation, the first civilisation on earth to use renewable fuel for purposes of a transformative economic journey.

On his verified Twitter page, he said, “The Nigeria Sovereign Investment Authority (NSIA) and Vitol S.A. have entered into an agreement to establish a Joint Venture (JV) to invest in a range of projects. Both parties have agreed to make an initial commitment of $50 million to this new venture.

“Carbon Vista is designed to create investor exposure to voluntary carbon markets across a variety of projects with exposure to different income streams and ancillary impact benefits.

“Some have said the death of the planet will come with neglect of the planet. A few weeks ago, the Intergovernmental Panel on Climate Change (IPCC) released a report warning that global warming might attain 1.5°Celsius much earlier than expected even possibly in the 2030s.

“The Energy Transition Process is a tough process; especially tough for those of us who are from gas-rich countries and fossil fuel-rich countries. For countries like ours rich in fossil fuel, we also find ourselves in a situation where we are energy poor.

“I believe Africa can become the first truly green civilisation – the first civilisation on earth to use renewable fuel for purposes of a transformative economic journey.

“I am excited about the collaboration and I must thank Mr Aminu Umar-Sadiq (MD, NSIA) as well as Mr Michael Curran (Global Head of Carbon and Environmental Products for Vitol) for their commitment to developing the African Carbon Market, especially the Nigeria Carbon Market.

“Special recognition also goes to Dr Salisu Dahiru, the Director-General of the National Council on Climate Change, who is innovative and dynamic in his approach to discharging the responsibilities of the Nigeria Climate Council.

“I understand the CarbonVista Fund will partner with local institutions with a track record of successfully delivering high-quality projects.

“I also understand the Initiative will seek to mobilize voluntary market carbon capital from the JV partners and potentially third parties towards a more equitable energy transition for Nigeria and indeed Africa.