Carbon Vista, an entity jointly owned by the Nigeria Sovereign Investment Authority (NSIA) and Vitol, has signed a Memorandum of Understanding (MoU) with the Regional Voluntary Carbon Market Company (RVCMC) to channel climate finance into Nigeria.
RVCMC is a wholly owned subsidiary of the Public Investment Fund (PIF), the Sovereign Wealth Fund of the Kingdom of Saudi Arabia.
The MoU signifies a partnership which aims to supply Nigerian Carbon Credits to KSA and co-invest in projects that will originate high-integrity carbon credits, a statement jointly signed by both firms said on Sunday.
The collaboration between Carbon Vista and RVCMC, according to a statement, will also foster the adoption of voluntary carbon credits to promote low-carbon economic growth.
Commenting on the MoU, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar Sadiq, said the “MoU aligns with our commitment to partnerships that advance our net zero targets and sustainably enable economic development.”
The Head of Carbon at Vitol, Michael Curran, said they were committed to investing in projects which promote sustainable development and achieve environmental and social benefits.”
Similarly, Riham ElGizy, Chief Executive Officer, RVCMC, emphasised the importance of the partnership.