The Eko Carbon Exchange was launched on Wednesday December 11, 2019, at the Sidelines of the United Nations Climate Change Conference of Parties (COP25) that held at the IFEMA Conference Center, Madrid Spain.
The launch followed a Side Event conversation on Emissions Reduction Projects: Showcasing African initiatives in solid waste and transport sectors.
In attendance were African and international experts and sustainability actors. The Federal Ministry of Environment was represented by the Head of Climate Change Mitigation, Hajia Aisha Jibril.
It was also attended by officials of the Federal Ministry of Transport, and other members of Nigerian delegation to the conference including Labour unions, Environment activists as well as African and international civil society groups.
In welcoming the participants, the Director of Eko Carbon Exchange, Mr. Innocent Azih noted that this is the first such platform in West Africa.
In a presentation, he explained how the Exchange is already mobilizing to harness the opportunities in low-Carbon development across all sectors and economic activities across the states of Nigeria, starting with the Solid Waste and transport sectors.
He said it will also serve as regional vehicle for mobilizing finance for low-Carbon economic development for West African economies through the Clean Development Mechanism.
The objective is to mobilize the necessary resource pool and low-Carbon finance required for greening all economic sectors.
In her speech, Hajia Aisha Jibril, Head of Climate Change Mitigation at the Federal Ministry of Environment, who represented the Director of Climate Change, Dr. Peter Tarfa, noted the readiness of the Federal Ministry of Environment to work with the Exchange to enable Nigeria achieve the nationally Determined Contributions through projects implementation are fully mainstreamed.
She showed all that the Nigeria has been doing, from policy incentives, education and awareness of actors through Climate Change Desks at state levels, to development of the Nigerian Carbon emission registry.
She asked stakeholders, including including Eko Exchange to partner the ministry to ensure early realization of the registry.
In a Technical Discussion the Managing Director of Swiss BASE, Mr. Daniel Magallon, said Africa is both the victim and beneficiary of new global efforts at containing emissions growth.
He noted that the Eko Carbon Exchange is a veritable platform for partnership with their company in scaling their green projects in Africa.
It was also observed by Dr. Eugene Itua, noted that tremendous emission reduction programme has been on in Lagos, through the replacement of outdated mass transport vehicles with more modern and energy-efficient buses.
Another panelist, Mr. Ayodeji Ademilua noted that the Exchange will find huge opportunities in enabling financial incentives for greening the energy sector.
The panel noted that finance remained a major challenge to scaling green investments, but suggested that the best approach is the non-monetary approach in which financing packages for low-Carbon consumption comes with credit and insurance.
The participants congratulated Eko Carbon Exchange for the initiative.
Participants requested the Eko Carbon Exchange to mobilize and galvanize all stakeholders and actors in both the private and public sectors in this initiative.
The high point of the global launch was the support of the participants led by the technical panel in the Eko Carbon declaration to work towards the Net-zero emissions 2030 target.
It asked all relevant organizations and companies to partner by listing their projects, initiatives and offset their travels on the Exchange.