The Chief Executive Officer and Chairman of Cross River State Green Economic Commission, Oden Ewa has tasked the Federal Government and its agency, National Council on Climate Change, on the urgency of finalising work on carbon market framework policy for the nation, noting that the absence of this policy has hampered greatly the development of the carbon market and attraction of investments to the sector.
Ewa, who is also the state commissioner for special duties and intergovernmental relations commended Governor Bassey Otu, for his commitment in ensuring that the state plays the leading role in unlocking the potential of the carbon market through his various initiatives, which include the setting up of the state Green Economic Commission.
The commissioner made this call in his keynote address at the Hybrid Stakeholders Town Hall Meeting on Mangrove Restoration, Conservation and Protection, with the theme; Applying Nature-Based Climate Solutions, held in Calabar, the state capital on Tuesday.
Speaking on the lead role of Cross River State in harnessing its green economic potential, Ewa revealed, ‘‘For decades, Cross River State has been a leader in environmental conservation in Nigeria.
Today, with over 53,000 hectares of degraded mangroves awaiting restoration, we have taken proactive steps to engage investors and development partners to harness opportunities in carbon investment.
At COP28, a significant milestone was achieved when the National Council on Climate Change, the Federal Government of Nigeria, and our investment partners, aDryada, a French firm specialising in nature-based solutions, and Noblesse Green Energy, its Nigerian counterpart—committed to advancing mangrove restoration in Cross River and Osun States.
He, however, lamented that work on the corridor has been stunted as a result of the FG not finalising work on the carbon market framework policy that would lead to unlocking the market and attracting investors as well as allow sub-nationals to development their green economic market.
This is as he said, ‘‘One major challenge is the absence of a Carbon Market Framework, a crucial policy tool that would provide clear guidelines for sub-national governments like Cross River State and our investors to fully engage in the carbon market.’
Noting, ‘‘without this framework, the vast potential of Nigeria’s carbon economy remains locked, limiting our ability to attract the financial investments necessary for large-scale mangrove restoration.
We acknowledge the significant efforts of the National Council on Climate Change in developing a robust and sustainable carbon market structure and we deeply appreciate their leadership.
‘‘However, time is of the essence. The global carbon market is expanding rapidly, and Nigeria must position itself strategically to harness the benefits of its natural capital.
We, therefore, appeal for an accelerated finalization of the Carbon Market Framework to ensure clarity, stability, and investor confidence in this sector.
The commissioner drew the attention of the stakeholders to the importance of the mangrove ecosystems, saying, ‘‘These ecosystems are not merely coastal forests; they are vital to carbon sequestration, biodiversity conservation, and the livelihoods of millions.
As we deliberate under the theme; Applying Nature-Based Climate Solutions, we must recognise the immense investment potential of our mangroves and strengthen intergovernmental collaboration to unlock this value.
This Town Hall Meeting is not just a forum for discussion but rather it is a platform for decisive action.
Ewa disclosed that Cross River state is taking the lead role because the state is abundantly endowed, noting, ‘‘As a state blessed with remarkable biodiversity, including the iconic Cross River rainforest and expansive mangrove ecosystems, we fully understand the importance of nature-based climate solutions.
Our mangroves serve as carbon sinks, shield our coastlines from erosion, and provide critical habitats for marine life. Beyond their ecological importance, they support livelihoods through fisheries, tourism, and sustainable enterprises.
For Nigeria to emerge as a leader in the sector, Ewa called for maximum cooperation and shared vision by all the parties involved in the sector, as he said.
We are confident that through enhanced cooperation and a shared vision, Nigeria can emerge as a leader in carbon investment on the African continent.
A thriving carbon economy is within reach, but we must act with urgency and unity to establish the right policies and execution strategies.
