Nigeria Urgently Needs Decarbonisation Bill for Strengthening Carbon Market
The article discusses Nigeria's progress in establishing a carbon market framework and the importance of enacting a Decarbonisation Bill to enhance legal enforcement and credibility. The Nation Carbon Market Framework (NCMF) aims to reduce carbon emissions and attract investment worth $2.5 billion by 2030.
However, the current framework lacks legal backing, posing risks of inconsistency and weak compliance. The proposed Decarbonisation Bill seeks to bridge this gap by creating an independent authority to monitor, regulate, and enforce compliance in carbon transactions, ensuring transparency and accountability.
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