Following the agreement between the Nigeria Sovereign Investment Authority (NSIA) and the Vitol S.A, Nigeria’s Vice President, Prof. Yemi Osinbajo, commissions the CarbonVista Fund.
The Vice President used the occasion to express his belief on the possibility of Africa becoming the first true green civilisation, the first civilisation on earth to use renewable fuel for purposes of a transformative economic journey.
Prof. Yemi Osinbajo tweeted:
“The Nigeria Sovereign Investment Authority (NSIA) and Vitol S.A. have entered into an agreement to establish a Joint Venture (JV) to invest in a range of projects. Both parties have agreed to make an initial commitment of $50 million to this new venture.
“Carbon Vista is designed to create investor exposure to voluntary carbon markets across a variety of projects with exposure to different income streams and ancillary impact benefits.
“Some have said the death of the planet will come with neglect of the planet. A few weeks ago, the Intergovernmental Panel on Climate Change (IPCC) released a report warning that global warming might attain 1.5°Celsius much earlier than expected even possibly in the 2030s.
“The Energy Transition Process is a tough process; especially tough for those of us who are from gas-rich countries and fossil fuel-rich countries. For countries like ours rich in fossil fuel, we also find ourselves in a situation where we are energy poor.”