By Tochukwu Bliss, Abuja
The Nigeria Extractive Industries Transparency Initiative (NEITI), yesterday, expressed support for the Federal Government’s move to strengthen the country’s climate change, energy transition and green economic solutions.
The Executive Secretary of NEITI, Ogbonnaya Orji, was quoted as saying that the recent constitution of a Presidential Committee on Climate Action and Green Economic Solutions signaled the country’s interests in this global debate.
He also said the appointment of focal persons with specific responsibilities of coordinating and overseeing all policies and programmes on climate action and green economic development are fundamental steps toward green economic solutions.
Dr Orji, according to a statement by NEITI’s Deputy Director/Head Communications & Advocacy, Obiageli Onuorah, noted that with the United Nations’ projection of the country’s population hitting 400 million in the next 20 years, this would place much pressure on energy financing for a developing country like Nigeria.
Accordingly, he said it is important for the country to prepare adequately for the expected increase in energy demand to minimize the associated risks while maximizing the potential opportunities that come with climate change and energy transition themselves.
He said: “NEITI identified that deliberate investments in the solid minerals sector, gas infrastructure and commercialization, technology, research innovation, human capital development, transportation, food security, and use of low-carbon hydrogen as priority areas of focus in the country’s budgeting to respond to energy transition and climate change.
“These opportunities come at a cost that requires commitment to compute them in terms of human and material resources.”
He therefore described gas commercialization as an important pathway for Nigeria to mitigate the risks and economic impacts of climate change and energy transition.
He continued: “NEITI’s recent report of the oil and gas industry disclosed a total unremitted revenue of gas royalty payments of $559.8 million and another unremitted sum of $828.8 million from unpaid gas flare penalties.
“A close look at these figures indicated that more gas was flared during the period than utilized, thereby posing serious dangers to the global zero emissions agenda.”
Deliberate investments in the solid minerals sector, gas infrastructure and commercialization, technology, research innovation, human capital development, transportation, food security, and use of low-carbon hydrogen as priority areas of focus…
Energy transition
Calling for alignment of the current gas commercialization policy with Mr. President’s renewed commitments to climate change and green economic solutions, Dr Orji informed that NEITI, with the support of international development partners like Ford Foundation, has commenced a research study on the impacts of energy transition on Nigeria’s economy.
He said the study is to identify specific impacts on revenues, jobs, livelihood, the environment, food security, gender, and control of emissions.
Meanwhile, the Minister of State for the Environment, Ishaq Salako, has said the Environment Ministry has initiated the National Climate Change Policy and Climate Change Act, to provide a comprehensive policy framework and roadmap for Nigeria’s climate action.
Dr. Salako, stressing the importance of transparency in climate budgeting, also informed that a National Green Bond Program has been launched to pioneer the issuance of sovereign green bonds in Africa to finance projects that reduce greenhouse gas emissions and promote sustainable development.
He said: “So far, Nigeria has issued two sovereign green bonds, raising a total sum of N25.69 billion to finance 39 projects cutting across afforestation, renewable energy, transportation, agriculture and water resources.
“The process for the issuance of the third sovereign green bond is ongoing and has reached advanced stage.”
