- ReSeed has partnered with the Nigerian non-profit, Centre for Renewable Energy and Action on Climate Change, CREACC-NG to enable smallholder farmers in Nigeria to generate revenue through measured carbon credits.
- This partnership introduces a compact merging environmental and social impact metrics with traceable carbon credits from farms.
- It aims to incentivise regenerative and sustainable farming practices while combatting climate change.
Nature-based carbon credits solutions provider, ReSeed, announces partnership with Nigerian-based NGO, Centre for Renewable Energy and Action on Climate Change (CREACC-NG), to bring carbon credits directly from Nigerian smallholder farmers to market.
The announcement was made on stage at the Nigerian Pavilion on Saturday, December 9th, 2023, at the COP28 in Dubai, UAE. The initiative has been approved by the Nigerian National Council on Climate Change, an officially recognised body by the Paris Climate Accord.
The partnership is a breakthrough for climate financing for smallholder farmers in Nigeria. Farmers can generate revenue by measuring the carbon drawn down into the soil through regenerative and sustainable farming practices.
According to ReSeed, it is the first compact to “combine environmental and social impact metrics with traceable carbon credits from farms, bringing to market a data set that increases accountability and fosters clean supply chains”. It combats climate change by incentivising farmers who practice regenerative farming.
(Read also: EcoBalance Global, KazBeef, and rTek Collaborate to Launch Innovative Climate-Smart Beef Pilot at COP28)
Through this partnership, 50% of carbon credit sales will go directly to farmers and 30% to CREACC-NG. Farmers will be able to keep track of the carbon collected and stored on their land. ReSeed, in turn, transforms the stored carbon into carbon credits with auditable data and satellite imagery verified by ReSeed’s third-party verifier Foodchain ID.
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“This partnership will undoubtedly spur development in our rural communities in Nigeria and drastically improve livelihoods in the region”, said Usman Mohammad, Executive Director at CREACC-NG. “The project will reduce poverty and hunger by dramatically increasing rural farmers’ income. Additionally, with many of these farmers tremendously affected by climate change, they will have access to the support and technical assistance to help with resilience and adaptation.”
“This partnership reflects a common commitment to a future that is sustainable, ethical and resilient, with the Nigerian nation positioned as a leader in driving forward positive environmental and social transformations,” said Vasco van Roosmalen, ReSeed CEO and co-founder. “This cooperative effort strives to establish a new benchmark for ethical business conduct on a global scale.”
Carbon credits from Nigerian farmers will be available for purchase in 2024.
