Nigerian Oil-Producing Region Eyes Carbon Deals From Mangroves
- Shell, Total, Eni and others have been blamed for pollution
- Offset buyers could include multinational oil and gas firms
Crude oil pollution covers the shoreline of an estuary in B-Dere, Ogoniland, Nigeria.
Photographer: George Osodi/BloombergAn oil-rich Nigerian state has granted a UK-based company the rights to develop projects on about 9% of its land to generate carbon credits by restoring degraded mangroves.
Delta State, at the heart of Nigeria’s crude-producing Niger Delta region, signed a memorandum of understanding with Serendib Capital last week to lease land for 30 years, renewable for another 30 years, to restore the mangroves and seagrass beds.