The new entity, called CarbonVista, was first considered last July to invest exclusively in projects in Nigeria.
It said the first investment will be in a household
energy efficiency program aimed at improving clean cooking and
water filtration.
High prices for smokeless liquid petroleum gas (LPG) have forced many Nigerians to add wood and charcoal to their cookstands. Prior to the recent oil price rise in 2021, many people had dropped wood amid a campaign to improve public health.
Approximately one billion people in sub-Saharan Africa
rely on wood and charcoal for daily cooking and water
purification, a major cause of the nearly 4 million hectares of
annual deforestation and degradation across the continent, the
NSIA said.
The NSIA said the joint venture will provide rural
households with efficient devices that would reduce wood fuel
consumption and related greenhouse gas emissions while also
saving them money and time. It added that the firm would deploy
up to 200,000 devices initially.
(Reporting by Chijioke Ohuocha; Editing by Jan Harvey and
Andrea Ricci)
