The Nigeria Sovereign Investment Authority managers of Nigeria’s Sovereign Wealth Fund, and Vitol have completed a joint venture agreement to invest in a range of carbon avoidance and removals projects and are in the process of reaching a final investment decision on the first projects.
An initial US$50m has been committed, with a view to attracting new investors as the partners develop the project pipeline.
The JV will commence with projects in Nigeria, partnering with local firms with proven track records of successfully delivering high-quality projects, combining carbon offsetting with social outcomes that contribute to the attainment of UN Sustainable Development Goals.
