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Oluchi Chibuzor

In a landmark move that positions Lagos as a global leader in climate action and green finance, Governor Babajide Sanwo-Olu has launched Africa’s first subnational carbon exchange clean cookstoves project.

This initiative, established in collaboration with GreenPlinth Africa and international partners, will be housed within the Lagos Office of Climate Change & Circular Economy.

It aims to attract billions of dollars in climate capital, de-risk low-carbon development investments, and set a precedent for subnational governments across Africa and the Global South.

For Sanwo-Olu’s government this initiative marks a pivotal step in positioning Lagos as a leader in clean energy access and climate finance innovation across Africa.

Speaking at the 80-million Paris Agreement Crediting Mechanism (PACM), Compliant Clean Cookstoves Project Implementation Retreat, yesterday, themed, ‘Clean Cooking Access for Africa: Leaving No One Behind’, Sanwo-Olu emphasised it would ensure that climate action and economic growth are seamlessly integrated.

According to him, “At its core lies the world’s largest PACM-compliant Clean Cookstoves Project—a groundbreaking effort that transcends environmental impact to drive economic growth and accelerate social development. By generating 1.2 billion tons of compliance-grade carbon offsets, this project unlocks multi-billion-dollar green revenue streams and creates 35 million green jobs over its lifespan.

“Lagos State will serve as the anchor, distributing 6 million clean cookstoves at no cost to beneficiaries through the Office of Climate Change and Circular Economy under the Ministry of Economic Planning and Budget.

“Today, we also celebrate a historic milestone: Lagos, in partnership with GreenPlinth Africa and global collaborators, unveils Africa’s first Subnational Carbon Exchange – the second globally after California.

“This pioneering platform, housed within the Office of Climate Change & Circular Economy, will establish Lagos as Africa’s hub for compliance carbon markets, attracting billions in climate capital while de-risking investments in low-carbon development.

Sanwo-Olu, represented by the state’s Head of Civil Service, Mr. Bode Agoro, noted the compliance carbon market represents the next trillion-dollar economy, and Lagos is poised to lead.

His words: “For too long, Africa has been on the sidelines of the global carbon economy. That changes now. Lagos will lead by setting a standard for subnational governments across Africa and the Global South.

“This exchange will catalyze green investments, decarbonize fiscal and asset balance sheets, and create a self-sustaining green economy.

“This initiative is more than an environmental commitment – it is a strategy for sustainable infrastructure, clean energy projects, and economic resilience.

“By leveraging compliance carbon credits, Lagos will secure cleaner cooking energy for millions while positioning itself as a global hub for ESG investments and green industrial growth.”

However, Sanwo-Olu reiterated that success demands boldness, collaboration, and unity across government, private sector stakeholders, development institutions, and civil society.

He urged all stakeholders to embrace this vision as COP30 is on the horizon, adding this will help them demonstrate leadership and ambition to reshape Africa’s climate and economic future.

He stressed the project is in alignment with their THEMES++ agenda, noting clean cookstove distribution would commence in June 2025 in Makoko.

According to him, “This project will address climate-induced socio-economic challenges by improving health outcomes and economic conditions for millions.

“Beneficiaries will participate in a “pay-to-cook” initiative with a monthly stipend of ₦10,000 throughout the project’s duration. Additionally, each household will receive free health insurance coverage.”