Allen & Overy has advised NSIA, the Nigerian sovereign wealth fund on the establishment of CarbonVista, a joint venture (JV) with Vitol, the Swiss-based global energy and commodities company, to invest in the development of a range of carbon avoidance and removals projects.
Projects will begin in Nigeria, partnering with local companies with proven track records of successfully delivering high quality projects, combining carbon offsetting with social outcomes that contribute to the attainment of UN Sustainable Development Goals.
In addition, the initiative will seek to mobilize capital from funding partners to the voluntary carbon market in support of the effort of the Nigerian government moving towards a more equitable energy transition for Africa. It is also set to provide rural households with efficient devices that would reduce wood fuel consumption and related greenhouse gas emissions whilst also saving them money and time.
Allen & Overy’s team was led by partners Tim Scales and MaameYaa Kwafo-Akoto, supported by senior associate Joba Akinola.
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