The Nigeria Sovereign Investment Authority (NSIA) has entered into a partnership to invest in carbon-avoidance and -removal projects.

In an agreement with Dutch energy and commodity trader Vitol, both companies will make initial investments of US$50 million in a joint venture that will manage the projects. They plan to work with local NGOs already aspiring to meet the UN’s Sustainable Development Goals, according to the Guardian of Nigeria.

CEO Uche Orji says the NSIA ‘is committed to playing a leading role in advancing climate solutions that help to lower Nigeria’s carbon emission as an integral part of its ESG [environment, sustainability, governance] strategy’.

Vitol has been investing in high-quality carbon-mitigating projects across the globe for more than a decade. Michael Curran, head of environmental products at Vitol, says the initiatives supported by the partnership ‘will have a clear focus on delivering social benefits, alongside the highest standards of carbon offsetting’.

12 July 2022
Image: Gallo/Getty Images