President Bola Tinubu has expressed the commitment of his administration to end gas-flaring in the country in line with the global push to halt methane emission.
He made the declaration on Saturday in the ongoing United Nations Climate Conference (COP28) summit on methane and other non-greenhouse gases in Dubai, United Arab Emirates (UAE).
The President, who shared the platform with the President of COP28, Dr Sultan Ahmed al-Jabar; the United States Special Envoy on Climate, John Kerry, and the Chinese Envoy on Climate, Xie Zhenhue, told the world the Nigeria has already imposed heavy penalty for defaulters.
Praising the leadership of the host country in the drive to reduce greenhouse gases, the president said he was aware of the need for participants to make commitments to the goal of limiting the earth’s temperature increase to 1.5C by the end of the century.
He said: “Sitting here in this room, I know that we have to commit ourselves. We have been doing so before today. We are committed to critical steps to reduce methane emissions by ensuring gas flaring is eliminated. There is a huge penalty for that. There is equally a huge incentive to do so.
“The measures that are taken here are a welcome development, no doubt about that. I am with the leadership of the UAE for the commitment shown so far.
“We are consolidating on gas export, usage domestically and export to other countries. I can assure you that we will be partners in progress to achieve renewable energy.
“We are committed to energy mix; we are providing cooking gas for our large population. We will continue to do that.
“We have signed off on reduction of methane. We will leverage on new technology and we hope that the two giant nations and the Emirates will be able to help us.”
President Tinubu pointed out that the world’s biggest economies, the US and China, are the biggest culprits in greenhouse emissions as he pointed out that the earth needs urgent healing.
While expressing delight that both countries were represented at the summit, he said: “What I know of Africa is the fact that de-risking in additional investment and technological knowhow is very necessary and the largest economies that have benefitted immensely should do more real fast because the earth needs healing and needs more attention.”
Speaking earlier, Sultan al-Jabar stressed that the efforts being made prove that success is possible in the objective to limit the earth’s temperature.
He observed that the elimination of all CO2 gases can be done with the necessary cooperation and hard work on the part of the countries.
In his remark, John Kerry announced that over $1 billion in new grant funding has been mobilised since COP27 in Sharm el-Shiekh, Egypt.
He expressed happiness that more countries have made methane pledge endorsements.
He said: “Earlier today the United States finalised standards to sharply reduce methane emissions from oil and gas operations. And those efforts will achieve a nearly 80% reduction and is planning a rulemaking review.
“We, United States, are planning a rulemaking review on methane emission standards for landfills. The United States and the European Union launched a global methane pledge two years ago in Glasgow, with 100 countries joining.
“At COP 27 in Sharm el-Sheikh, we were able to grow the list of endorsements to 150 countries. And I’m pleased today to announce a new global methane pledge endorsements from Angola, Kenya and Romania. And I’m particularly excited that Turkmenistan Kazakhstan joined yesterday and Kosovo President Costco is here to join today.. We’re working to turn the pledge itself into action.
“Over 86 countries covering well over half of emissions have national methane action plans in place and we are engaging with our partners to develop them. And we are launching exciting new initiatives and partnerships including lowering organic waste or low methane to support some national waste reduction efforts around the world.
“And to help support this country efforts my friends, President Biden launched the methane finance sprint at the April 2023 major economies forum he hosted at the White House.
That had the aim of raising $200 million in order to help us go forward.
“Well, I’m very pleased to announce today that the United States, the European Union, other governments, philanthropies and the private sector significantly exceeded that target. And together, we have mobilized over $1 billion in new grant funding since COP27 for methane that has more than tripled previous annual methane grant funding.
“And then we will leverage the score in project investment. And these funds are going to support cutting methane emissions across all sectors with a focus on low and middle income countries.
“As part of this effort, my friends, we have a group of oil and gas companies that have stepped up and and decided to take a leadership role in helping to deal with this job on a local basis.”
On his part, the Chinese Envoy said his country was willing to cut down on greenhouse gases but lack the capacity to do so.
He therefore called support from the international community.
Meanwhile, officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), at the conference, made a case for foreign investors to explore the $585 billion investment opportunities in capital expenditures in a bid to meet the target of net zero emission by 2050.
NMDPRA Executive Director, Health, Safety and Environment and Community, Dr. Mustapha Lamorde, disclosed this at a panel discussion at the Nigeria Pavilion on “Nigeria’s pathway to energy sustainability: the role of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.”
He said that the investment opportunities in capital expenditure would be created by NMDPRA Industry Sustainability Initiative (NISI).
Also, President Tinubu also on Saturday unveiled his administration’s plan to deploy a fleet of 100 electric buses as part of the measures towards a sustainable and eco-friendly future.
He disclosed this while speaking at a high-level meeting with stakeholders and investors on the Nigeria Carbon Market and Electric Buses Rollout Programme at the sideline of the ongoing United Nations Climate Conference (COP28) in the Emirati capital city.
The president said that the strategic initiative is aimed at significantly reducing Nigeria’s carbon footprint and modernizing the country’s transportation systems as part of a larger effort to position Nigeria and Africa as the pioneering frontier of green manufacturing and industrialization with a focus on natural gas as a transition fuel alongside other renewable energy sources.
President announced the appointment of the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji as the Director-General of the National Council on Climate Change (NCCC) to spearhead this transformative plan while Mr. Dahiru Salisu, is to co-chair the Nigeria Carbon Market Activation Plan.
Tinubu stated: ‘’This initiative stands as a testament to our dedication to environmental stewardship as clearly exemplified through our collaboration with the Africa Carbon Market Initiative. Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.
‘’We recognize the imperative of fostering an environment that not only attracts investment but also upholds standardized and sustainable industrial practices. As a manifestation of our forward-thinking approach, we are actively looking to implement robust, enabling policies and frameworks that will serve as the catalyst for the burgeoning growth of the carbon market within our national borders.
‘’In further driving my commitment, I have recently approved an Inter-governmental Committee on Carbon Markets to be chaired by the Executive Chairman of the Federal Inland Revenue Service and the Director-General of the National Council on Climate Change to drive this visionary plan.”
The president assured prospective investors that this initiative transcends being a mere pilot project, adding: ‘’It is a concrete manifestation of our unwavering dedication to a carbon-neutral future. I assure you; this is only the commencement of our ambitious plans, with many more impactful initiatives on the horizon.”
While acknowledging the pressing need for a comprehensive global collaboration on climate-related challenges, President Tinubu called on global partners to join hands in accelerating collective efforts towards a net-zero future.
He further said: ‘’As we unveil our initiatives, I challenge other nations to emulate our strides in mapping out their sustainable futures with a clear understanding that Africa is a beacon of innovative solutions to climate-related challenges.
‘’In this pursuit, we acknowledge the pressing need for comprehensive global collaboration, and we reiterate our commitment to being an active participant in international efforts.
‘’Nigeria’s plans for a greener and cleaner economy can serve as an inspirational narrative for nations worldwide. Our comprehensive approach, rooted in visionary leadership and pragmatic action supported by our technical partners, is poised to become a blueprint for countries aspiring to also develop and catalyze their markets for sustainable growth.”
In his remarks, FIRS Chairman, Mr. Adedeji acknowledged the visionary leadership of President Tinubu as the guiding force behind Nigeria’s commitment to harnessing its vast carbon potential, pledging the full commitment of the committee to drive the implementation of efficient policies and frameworks to achieve sustainable carbon market growth.
Adedeji reiterated Nigeria’s readiness to lead the global effort to combat climate change, describing the initial phase of the rollout of the electric buses as a tangible symbol of Nigeria’s commitment to modernizing its transportation systems while reducing Africa’s modest carbon footprint.
According to him, NISI supports the sustainability of the midstream and downstream petroleum industry, aligning with Nigeria’s commitment to achieving net-zero carbon emissions (carbon neutrality) by 2060.
While noting that the initiative was created in line with the Global Sustainability Development Goals (SDG 3, 7, 8, 9, 11, 13, 16, 17) geared towards achieving Nigeria’s 2060 net zero commitment, he said it would be three phases.
These include Implementation Phase (Short-term focus – 12 months) involving increasing renewable energy consumption in operations; Consolidation Phase (medium-term focus – five years) to reduce methane emission intensity, and Evolution Phase (Long-term Focus – 10 years) to achieve net-zero emissions by 2060.
Lamorde also gave a sectoral breakdown of the investment framework including $272 billion in power driven by provision of electricity to the entire population through renewable energy sources; infrastructure, driven by opportunities for additional power transmission and distribution infrastructure, gas transmission and distribution infrastructure and electric chargers.
Others are $96 billion in Oil and Gas Processing optimization driven by operational energy efficiency and savings, Carbon Capture and Storage (CCS); $80billion in Industry driven by switch to zero-emissions technology like solar boilers, zero emission fuels, and $2.8 billion in Clean Cooking driven by the switch to clean cooking technology.
The NMDPRA Executive Director said that Nigeria’s path to net zero must be unique; noting that defining a path to net zero for the country requires a unique approach.
“Solutions must address the specific challenges. Path must be just and equitable,” he added.
He told foreign investors that with a diverse population of about 220 million, rich cultural heritage, high economic potential among other qualities, “Nigeria is open business.”
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