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Nigerias Sovereign Wealth Fund has signed a joint venture agreement with an energy and commodities company to invest in carbon removal projects.
Nigerias Sovereign Investment Authority (MSIA) and Vitol are in the process of reaching a final investment decision on the first projects. An initial $50 million has been committed to the joint venture, called Carbon Vista-Investments will focus on the infrastructure, agriculture and energy sectors-Its first investment will be in a household energy efficiency programme focused on clean cooking and water filtration devices.
Carbon removal projects to include replacing of wood with clean cooking devices
"The project is looking to deploy up to 200,000 devices of each.
"Providing rural households with efficient household devices significantly reduces wood fuel consumption and related greenhouse gas emissions and household air pollution whilst also saving communities money and time," said Vitol.
Around a billion people in sub-Saharan Africa rely on wood and charcoal for daily cooking and water purification, a major cause of the nearly four million hectares of annual deforestation, said NSIA.
Aminu Umar-Sadiq, NSIA managing director, and chief executive officer, said: "The realisation of Nigerias Energy Transition Plan requires a radical rethink of our energy consumption mix beginning from the micro-level. |
