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Boosting Transparency and Showcasing Climate Action

Boosting Transparency and Showcasing Climate Action

UN Climate Change News, 22 June 2023 -- UN Climate Change, in consultation with Israel, coordinated the first-ever in-country technical analysis of a biennial update report (BUR) last month. Biennial update reports are submitted by developing countries to UN Climate...

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Regulatory Guidance on Nigeria’s Carbon Market Approach

Regulatory Guidance on Nigeria’s Carbon Market Approach

The Federal Government of Nigeria remains committed to the global efforts to reduce emissions that contribute to climate change. In 2021, Nigeria announced its Netzero commitment at COP26 in Glasgow. This was followed by the passing of Nigeria’s Climate Change Act of 2021, and the subsequent establishment of the National Council on Climate Change (NCCC). The Act applies to all Ministries, Departments and Agencies and to public and private entities within the territorial boundaries of Nigeria for the development and implementation of mechanisms geared towards fostering low carbon emission, environmentally sustainable and climate-resilient economy.

Under the Climate Change Act, Nigeria intends to meet its commitments to and within the ambits of international treaties that address climate change, specifically, the Paris Agreement. In this regard, Nigeria’s engagement with carbon markets must be strongly linked to its development priorities, its Nationally Determined Contributions (NDCs) and its attainment of the NetZero target.

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