• Tuesday, February 27, 2024
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Nigeria launches green economy tracker to support its net-zero ambition

Nigeria launches green economy tracker to support its net-zero ambition

Nigeria, Africa’s largest oil producer is set to launch a green economy (GE) tracker to support its net-zero emission goal, according to BusinessDay Checks

Clean Technology Hub (CTH) in collaboration with the Green Economy Coalition (GEC) is implementing the launch of the GE Tracker in Nigeria as a tool to improve the tracker’s assessment of Nigerian green economy progress, according to a new report by the organisations.

Onah Innocent, Climate Change and Green Growth expert, African Development Bank (AfDB) said “The tracker has provided a baseline framework that could be refined to articulate and assess the performance of a net-zero economy by 2060.

“Nigeria will need to develop a decarbonization road map that aligns with a 2060 zero-emission pathway,” he noted.

Net-zero emissions means achieving an overall balance between greenhouse gas emissions produced and greenhouse gas emissions taken out of the atmosphere, according to an article by the climate council.

Amara Nwankpa, Director, Public Policy Initiatives at Shehu Musa Yar’Adua Foundation said that “extracting fossil fuels leads to an irreversible damage to the environment- just like the oil spills in Niger Delta.

Read also: Investment in water, sanitation is crucial amid mounting climate crisis

“Oil is a limited resource that will eventually run out,” he noted

Energy transition will happen by default, either by scarcity or it will become completely obsolete, Amara noted.

According to Innocent, the road map will require a range of policy reforms, institutional realignments, technology transfer and green investment to drive this commitment.

The Federal Government has started on a good note by recently developing a Just Energy Transition Plan, he claimed.

Recall that in November 2021, Nigeria passed the climate change bill that includes a net-zero target for 2050 to 2070, according to an article by climate action tracker.