Nigeria is planning to key into a technology that will enable her launch own International Transfer Mitigation Outcomes (ITMOs) Registry and become one of the first countries in the world ready to sell ITMOs internationally.
On Tuesday, December 10, 2019 Minister of Environment, Dr. Mahmood Mohammad Abubakar, met with the CEO of Global Environmental Markets (GEM), Wayne Sharpe, through the Director, Department of Climate Change (DCC), Dr. Peter Tarfa, with Dr. Eugene Itua of Natural Eco Capital Ltd, a sustainability consultancy firm in Nigeria working in collaboration with GEM on National Registry and Carbon Exchange at COP25 in Madrid.
According to sources, Nigeria recognises the need for a National Carbon Registry and will enter final discussions to use GEM Technology to deliver the ITMO Registry for registering and issuing International Transfer Mitigation Outcomes (ITMOs) projects.
“Thanks to the interest of the Minister and Dr Tarfa, this technology is expected to enable Nigeria to launch her own ITMO Registry and become one of the first countries in the world to be ready to sell ITMO’s internationally,” said Dr Itua.
He added: “It is noteworthy to say GEM’s ITMO Registry has the capacity to register projects, originate and house carbon credit projects and carbon credits originated in the country, and as well transfer them electronically to buyers globally who have accounts in the registry or a linked registry, and/or Over The Counter (OTC) or via Carbon Trade eXchange (CTX) globally.
“So, the path to a positive conclusion has begun and all parties hopefully will see Nigeria’s first ITMO issued and ready for international sale in the first half of 2020 as sub-nationals like Kaduna State have already indicated interest.”