Carbon Vista, an entity jointly owned by the Nigeria Sovereign Investment Authority and Vitol, has signed a Memorandum of Understanding with the Regional Voluntary Carbon Market Company, a subsidiary of the Public Investment Fund, the Sovereign Wealth Fund of the Kingdom of Saudi Arabia, on carbon credit, to help the country tackle climate change.
In a statement, the firm noted that the MoU signified a partnership which aimed to supply Nigerian carbon credits to KSA and co-invest in projects that would originate high-integrity carbon credits.
It stated, “The collaboration between Carbon Vista and RVCMC will foster the adoption of voluntary carbon credits to promote low-carbon economic growth”.
“Additionally, the MoU amplifies the commitment of Nigeria and KSA to address the adverse effects of climate change and promote sustainable development. The carbon credits derived will contribute to both countries’ efforts to achieve their respective climate targets and support the global transition to a carbon-neutral economy and by extension, a sustainable future for all.”
The Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, said he looked forward to concluding arrangements with RVCM for the off-take of carbon credits generated through Carbon Vista’s high-impact climate initiatives.
He said, “The MoU aligns with our commitment to partnerships that advance our net zero targets and sustainably enable economic development.”
The Head of Carbon at Vitol, Michael Curran, expressed his delight at the partnership.
He said, “We are committed to investing in projects which promote sustainable development and achieve environmental and social benefits. Addressing climate change will require collaboration and partnership across both the private and public sectors with each leveraging its assets and expertise. It is hugely positive to see Nigeria and Saudi Arabia committing to cooperate in the achievement of their transition goals.”
Similarly, the Chief Executive Officer of RVCMC, Riham ElGizy, emphasised the importance of the partnership.
