• Wednesday, February 21, 2024
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BusinessDay

Tinubu highlights Nigeria’s efforts to decarbonise world economy

On Nigeria’s current economic reforms

…Seeks support from developed nations

As the leader of Africa’s largest nation and the Chair of the Economic Community of West African States (ECOWAS), President Bola Tinubu has said that Nigeria was ready to lead Africa’s efforts to decarbonise the world economy.

Tinubu said this in an op-ed published on CNN recently.

The President emphasized Nigeria’s commitment to tackling the climate crisis, highlighting the launch of the Nigerian Carbon Market Initiative as a key step towards upholding the country’s legally binding commitment to reducing emissions and achieving climate goals.

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He said: “Nigeria, Africa’s largest economy, has battled back against major obstacles, including the impact of the COVID-19 pandemic, short-term challenges from economic reforms, and the ongoing unification of foreign exchange rates. However, we remain steadfast in our resolve to reconstruct a better, cleaner nation despite these challenges.

“To uphold our legally binding commitment to a cleaner world, Nigeria launched the Nigerian Carbon Market Initiative at COP28 by joining the African Carbon Market Initiative.”

He pointed to the devastating consequences of climate change in Africa, citing the rapid loss of water resources, escalating desertification, and the shrinking of Lake Chad as examples. These challenges, he stressed, contribute to the emergence of extremist and authoritarian elements, further destabilizing the region.

Tinubu also called for urgent international collaboration, both in terms of financing and technology, to address these alarming trends. He emphasized the need to recharge and recover Lake Chad, a critical body of water vital for the region’s stability.

He also spoke about the rising sea levels threatening coastal areas in southern Nigeria and the devastating floods that displace communities and destroy farmlands, highlighting the human cost of climate inaction.

Despite the challenges, Tinubu outlined the concrete steps Nigeria has taken to address climate change. These include:

Enacting the Climate Change Act.

Committing to net-zero emissions by 2050-2070.

Successfully mobilising youths to plant millions of trees.

Converting flared gas into natural gas exports to Europe, and Joining initiatives like the Methane Pledge and the Climate Finance Leadership Initiative.

Tinubu further emphasised Nigeria’s position as a leader in Africa’s decarbonization efforts.

He announced Nigeria’s commitment to develop blue and green hydrogen capacity for export and expressed his intention to mobilize private capital for these endeavors.

While acknowledging Nigeria’s role as Africa’s largest oil producer, Tinubu underscored the country’s aggressive pursuit of renewable energy sources. He highlighted the implementation of the Nigerian Energy Transition Plan (NETP), a data-driven strategy targeting net-zero emissions in key sectors.

The NETP demands a significant annual investment, highlighting the need for international partnerships and support.

He also emphasized the need for a fair and cooperative approach to tackling climate change. He urged developed nations to honor their commitments by significantly contributing to the Loss and Damage Fund and the $100 billion annual climate financing pledge.

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“African countries simply cannot travel on this road alone. There must be a fair and cooperative approach. For too long, too many developed nations have hesitated to do what they should.

“But the time for watching and waiting is over. Developed nations must honour commitments in the form of significant contributions to the Loss and Damage Fund and the $100 billion annual climate financing pledge,” Tinubu said.

He also called for targeted financial support and access to global markets to enable Africa to become a leading green manufacturing hub.

Tinubu emphasised the crucial moment facing the world. He urged global leaders to prioritise climate action and choose equity and justice in the global economy.