7.9 C
Sofia
Tuesday, October 17, 2023

NDDC to create solar-based industrial clusters, unlock $2 billion carbon investments in Niger Delta  

As part of a wider strategy to power every community in the Niger Delta region the Niger Delta Development Commission (NDDC) plans to unlock $2 billion carbon investment in the region using solar power.  

This was made known by Dr. Samuel Ogbuku, the Managing Director of the NDDC, who has said that the Commission is working on a plan during a Stakeholder Engagement session with partners in the region. 

In a October 17 statement signed by Pius Ughakpoteni, the Commission’s Public Affairs Director, it was stated that according to the Commission’s MD, there is an ongoing plan to fulfil the Sustainable Development Goals (SDGs) to address climate change issues within Nigeria. 

Dr. Ogbuku said:

  • “Our target is that every community in the Niger Delta region will be powered by solar, which is renewable and a cheap form of energy. In addition to this, we shall create industrial clusters powered by solar, which will help improve the agricultural value chain.
  • “Solar power has the dual benefit of helping people with projects and building carbon credits. We expect to recover the carbon credits we have garnered so far. Such recovered funds can be reinvested.”

According to the Commission MD, there is a potential collaboration with a US-based firm and their adherence to the National Council on Climate Change, showcasing their dedication to climate-related concerns.

He explained that solar power offers the dual benefit of supporting projects and earning carbon credits.

The NDDC anticipates recovering carbon credits they have earned, increasing the potential for environmental regeneration, particularly through mangrove restoration.

Dr. Sunny Akpoyibo, the President of the Council on Renewable Energy, has pledged support to NDDC in developing projects with carbon values.

He emphasised the importance of unlocking trapped values in the Commission’s projects to achieve a return on sustainable development.

Asteven International Company stressed the global significance of NDDC’s green projects during their presentation to the Commission MD.

He noted that they committed to assisting the Commission in monetizing carbon credits and unlocking a significant $2 billion carbon investment potential in the Niger Delta region.

Prof. Magnus Onuoha, the Executive Director of Asteven Group, underscored the Niger Delta’s centrality in the international climate change discourse.

He urged NDDC to actively engage climate finance and technology experts, emphasising the significance of climate justice for sustainable development in the region.

NDDC’s investments in solar power and carbon credits align with key SDGs, notably Goal 7 (Affordable and Clean Energy) and Goal 13 (Climate Action).


Download Nairametrics App for breaking news and market intelligence.
   


Omono Okonkwo

Omono Okonkwo is an accomplished Mass Communicator, with a remarkable track record spanning over a decade across various dimensions of the field. Her proficiency encompasses Print, Digital, and Broadcast Journalism, Copywriting, Research and Writing, Podcasting, Public Speaking, as well as a comprehensive grasp of Energy Markets. Her engagement in energy market coverage commenced officially in 2016, as she assumed the role of a country correspondent (Nigeria) with Natural Gas World, a subsidiary of Minoils Media based in Vancouver, Canada. Since then, Omono Okonkwo has consistently demonstrated excellence and left an indelible mark on the ever-evolving energy sector.

Michael Maren
Michael Maren
Former marine biologist who likes to spend as much time in the tropics as possible, due to a horrible time I once had in Alaska. Brrrr.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles