Vectar Energy has reiterated the need for sustainable solutions by converting solar data into real capital through the acceleration of climate finance and clean energy in Nigeria.

Its founder, Deborah Fadeyi, made a call at the maiden EcoWise multi-stakeholder forum with the theme: ‘Trust, Scale, Impact: Unlocking climate finance through carbon credits for Solar in Nigeria’ on Wednesday in Abuja.

According to her, access to electricity has become a burden, particularly with no fewer than 8.6 million Nigerians unable to access electricity, despite a plentiful power supply.

Ms Fadeyi said, “When we go to COP events, we pretty much ask for aid to be able to build climate resilience, which is one key thing for us as a country. Having to build climate resilience through access to electricity, not just for day-to-day, but for sustainable industrialisation, then we realise that aid doesn’t work.

“The conversation of aids doesn’t work. So how about we trade something? This is where carbon credits come in. If we strive to deploy low-carbon renewable projects, is there a way for us to get concessions from that?

“To be able to finance more renewable energy projects, more solar projects, there is a mechanism for that, it is called the Clean Development Mechanism.”

She explained that such mechanisms could enhance Nigeria’s ability to convert solar data or any other type of low-carbon or renewable green energy data into carbon credits.

According to her, carbon credits are also sold to corporate buyers, such as Amazon and Microsoft, to help them showcase their net-zero commitments as the world progresses toward net zero by 2050.

Damilola Asaleye, vice-president of Renewable Energy Association of Nigeria, commended the launch of the EcoWise platform by Vectar Energy as an innovative platform that is needed currently in Nigeria and Africa at large.

She described EcoWise as a locally built platform by a Nigerian to bolster sustainable solutions in the renewable energy sector and to enable Africans to access climate finance.


Meanwhile, the Israeli ambassador to Nigeria, Michael Freeman, noted that Vectar Energy resulted from the partnership between Nigeria and Israel through the establishment of the Innovate Hub.

According to him, Nigeria has everything it needs to lead Africa’s clean energy transformation, with vast sunlight, abundant natural resources, and, most importantly, a young, talented, and determined population.

(NAN)