Nigeria’s Minister of Environment John Ogar Odey and ECCO2 Corp., have began planning to immediately launch "ECCO2 Nigeria Project". ECCO2 Corp. is an affiliate organization of United Nations Framework Convention on Climate Change.
The project is aimed at reducing greenhouse gases, carbon emissions, stimulate the Nigerian economy, and increase confidence in the Kyoto Protocol. The clean development mechanism (CDM) goals will be achieved by installing ECCO2's patented technology in all motor vehicles, buildings, and marine vessels throughout Nigeria.
Nigeria has been a member of the Kyoto Protocol since 2004 and currently has an estimated national carbon footprint of over 500 million metric tons per year according to current statistics. The ECCO2 Nigeria Project is expected to offset as much as 4.5 billion metric tons of carbon emissions over the next 10 years. The carbon emission offsets will generate certified emission reduction credits holding a current commodity value of more than $90 billion.
The carbon credits will be sold on Carbon Trade Exchange, a London-based company that offers live platform trading of carbon emissions offsets to investors, banks, and businesses looking to reduce carbon tax penalties or simply get a head start in the multi-billion dollar "green money" industry.
Odey said "Nigeria has been a member of the Kyoto Protocol since 2004 and we are pleased to explore the development of ECCO2 technology and begin implementation as soon as possible to help fight global warming and create commerce within our country."
Cary Lee Peterson, President-Chairman of ECCO2 Corp commented, "ECCO2 Nigeria Project is the gateway to the bigger picture for global climate control. The war on carbon is far from being completed, but ECCO2's expansion into Africa will signify our purpose and asset worth as the new leaders of climate control."
Final details of the project are still under discussion; however the Nigeria Ministry of Environment, the office of Nigerian President Goodluck Jonathan, and ECCO2 Corp. say that all plans will be announced at the United Nations Climate Change Conference in Cancun, Mexico, from November 29 through December 10, 2010.