Chief Executive, SMEFUNDS, Femi Oye, has called on the Federal Government to back initiatives aimed at establishing a regulated global carbon market, which is estimated to be valued at $1 trillion annually.
According to him, projects that generate carbon credits are already having an impact, as separate shared value assessments have shown that Gold Standard certified projects have resulted in $16 billion worth of additional benefits, including the promotion of biodiversity, employment, livelihoods, and health outcomes.
Each carbon credit is monitored, reported, and verified by a third party against the World Bank-managed FCPF Standard and World Bank Environmental and Social Standards. The 15 programmes use cutting edge technology to ensure that carbon credits are accurately measured and accounted for. The programmes cover entire jurisdictions, meaning that the reforestation and conservation efforts are not undermined by deforestation elsewhere.