Carbon Vista, an entity jointly owned by the Nigeria Sovereign Investment Authority (“NSIA” or “The Authority”), and Vitol, has signed a Memorandum of Understanding (“MoU”) with the Regional Voluntary Carbon Market Company (RVCMC), a wholly owned subsidiary of the Public Investment Fund (“PIF”), the Sovereign Wealth Fund of the Kingdom of Saudi Arabia (“KSA”).
This 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. The collaboration between Carbon Vista and RVCMC will also foster the adoption of voluntary carbon credits to promote low-carbon economic growth.
Additionally, the MoU amplifies the commitment of Nigeria and KSA to address the adverse effects of climate change and promote sustainable development. The carbon credits derived will contribute to both countries’ efforts to achieve their respective climate targets and support the global transition to a carbon-neutral economy and by extension, a sustainable future for all.
Commenting on this occasion, Aminu Umar-Sadiq, the Managing Director, and Chief Executive Officer of NSIA, said: “We are proud of the impressive strides that Carbon Vista is already making, and we look forward to concluding arrangements with trusted partners like RVCMC, a subsidiary of the Public Investment Fund (“PIF”), Saudi Arabia’s Sovereign Wealth Fund, for the off-take of carbon credits generated through Carbon Vista’s high impact climate initiatives. 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 also commented “We are delighted to be partnering with RVCMC. We are committed to investing in projects which promote sustainable development and achieve environmental and social benefits. Addressing climate change will require collaboration and partnership across both the private and public sectors with each leveraging its assets and expertise. It is hugely positive to see Nigeria and Saudi Arabia committing to cooperate in the achievement of their transition goals.”
Similarly, Riham ElGizy, Chief Executive Officer, RVCMC, emphasized the importance of this partnership, saying, “We need to use every tool at our disposal to tackle the devastating impacts climate change is already having. Our MOU with Carbon Vista is an important commitment between RVCMC and a key African organisation. We look forward to working together to channel climate finance into Nigerian projects.”