Nigeria teams up with Vitol for carbon removal efforts
ABUJA, April 7, 2023 – The Nigeria Sovereign Investment Authority and Swiss-based commodity trading company Vitol have committed an initial USD 50 million towards carbon avoidance and removal projects, the Nigerian sovereign wealth fund announced on Wednesday.
The joint venture named CarbonVista will focus on decarbonising infrastructure, agriculture and energy sectors.
Its initial project involves deploying up to 200,000 devices to improve efficiencies for clean cooking and water filtration devices.
“The realisation of Nigeria’s Energy Transition Plan (ETP) requires a radical rethink of our energy consumption mix beginning from the micro-level,” said Aminu Umar-Sadiq, managing director and CEO of the Nigeria Sovereign Investment Authority.
“Without incremental steps to address the fundamental issues, including water security and homestead energy access and consumption, achieving the ETP goals may remain unrealised and further exacerbate our climate risks.”
Final investment decisions on the joint venture’s projects are in development.