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Nigeria is the ninth largest exporter of oil in the world. It receives more than $40 billion a year from oil, which is almost 90 percent of their export revenue. Today, billions of dollars of this export revenue goes to buying grain and wheat to feed its growing population.
Fast forward to 2015, where during the United Nations Summit, all UN member states adopted the 2030 Agenda for Sustainable Development, with a set of 17 Sustainable Development Goals (SDGs) and 169 targets with a plan to achieve them in 15 years. Sustainable Development Goal (SDG) No.
Furthermore, Lubano emphasised Kenya’s ambitious commitment to achieving a 100% reduction in carbon emissions by 2030. This presents a significant export opportunity for African nations. This is evident in the growing number of solar projects, wind farms and biomass initiatives.
The consultation proposed the use of this approach for an initial period of at least 2027-2030. However, unlike in the EU CBAM, default values will be available to ensure that goods can continue to be imported where actual emissions data for precursor goods is not available or difficult to obtain.
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