Abuja: Vectar Energy, a climate technology firm, has launched its groundbreaking digital platform, 'ecoWise,' aimed at converting solar data into tangible capital by unlocking climate finance through carbon credits. This announcement was made by Deborah Fadeyi, the Chief Executive Officer of Vectar Energy, during her keynote address at the inauguration of the ecoWise Multi-Stakeholder Forum in Abuja.
According to News Agency of Nigeria, the event themed 'Trust. Scale. Impact: Unlocking Climate Finance through Carbon Credits for Solar in Nigeria,' emphasized the necessity of transitioning from aid-based support to trade-driven climate action. Fadeyi, who is also the Founder of Vectar Energy, highlighted Nigeria's significant energy challenges, noting that over 86 million citizens lack access to electricity. She advocated for market-based mechanisms to reward renewable energy efforts, stating that monetizing emissions reductions as carbon credits could finance further renewable energy projects and aid in achieving sustainable industrialization.
Fadeyi described ecoWise as Africa's first patented digital Measurement, Reporting, and Verification (MRV) platform. This platform automates the conversion of real-time solar generation data into certified carbon assets, significantly cutting costs and reducing the time for issuing carbon credits. By integrating directly with international carbon registries, ecoWise aims to enhance the accessibility and transparency of global climate capital.
The platform's potential to transform the carbon market was further underscored by Caroline Eboumbou, CEO of All On, in her special address. She praised ecoWise's launch as a critical milestone for Nigeria's evolving carbon market. Eboumbou noted the platform's role in realizing President Bola Tinubu's Carbon Market Activation Plan, which seeks to mobilize up to $2.5 billion in carbon investments by 2030. She stressed that through ecoWise, developers could access new financing avenues, reduce project costs, and accelerate solar energy deployment across communities.
Eboumbou also mentioned that ecoWise's pilot projects, supported by partners like All On and the British Council, are already showcasing their potential. The platform is expected to unlock a significant portion of the financing needed to fulfill Nigeria's solar energy targets, potentially providing power to over 100,000 households by 2028.
Additionally, Ms. Damilola Asaleye, Vice President of the Renewable Energy Association of Nigeria, commended ecoWise as a 'home-grown solution' for global climate finance. She encouraged private developers to utilize the platform to monetize their clean energy data and drive grassroots energy transitions.
The forum also featured remarks from Michael Freeman, the Ambassador of Israel to Nigeria, represented by Thelma Agada. Freeman lauded Vectar Energy's innovation as a model of Nigeria-Israel cooperation, emphasizing ecoWise's role in bridging the gap between innovation and investment.
The event concluded with the unveiling of the ecoWise Technical White Paper, a comprehensive 50-page research document outlining a data-driven roadmap to scale distributed solar energy in Nigeria. The report details how verifiable carbon revenues can enhance project financial metrics, making solar assets more attractive to investors.