A professor of Energy and Environmental Economics at Pan-Atlantic University, Ekundayo Mesagan, has urged Nigeria and different oil-producing international locations to rework their fossil fuel wealth into sustainable energy methods amid rising world stress to scale back greenhouse gasoline emissions.
Mr Mesagan mentioned such international locations may channel fossil fuel revenues into financing renewable energy, creating inexperienced infrastructure, and adopting cleaner applied sciences as a substitute of relying closely on oil and gasoline for financial development.
He made the advice throughout his inaugural lecture titled “Making Lemonade from Lemons: The Fossil Energy and Sustainability Puzzle” on 9 October, noting that oil-producing international locations face the problem of balancing the financial advantages of fossil fuels with the environmental penalties of their extraction and consumption.
“The topic of my lecture today is how we can make lemonade from lemons by navigating the dilemma between fossil energy and environmental sustainability,” Mr Mesagan mentioned on the occasion.
His suggestions come as international locations grapple with the stress to minimise emissions underneath the 2015 Paris Agreement, which seeks to maintain world warming properly under 2 levels Celsius above pre-industrial ranges whereas pursuing efforts to restrict the rise to 1.5 levels Celsius.
Nigeria is a signatory to the settlement and has dedicated to attaining net-zero emissions by 2060, even because it continues to put money into its oil and gasoline trade to bolster financial development and growth.
Decades of oil exploration and manufacturing, notably within the Niger Delta, have additionally raised considerations over environmental degradation and its affect on native communities, livelihoods and ecosystems.
Fossil fuels and local weather change
Mr Mesagan mentioned fossil fuels stay a key driver of greenhouse gasoline emissions, highlighting the issue of reconciling continued dependence on oil, gasoline and coal with world local weather targets.
Global carbon dioxide emissions surged from about 22 billion tonnes in 1990 to roughly 39 billion tonnes in 2024, the professor noticed, mirroring the continued problem of moderating emissions regardless of worldwide local weather commitments.
According to him, the worldwide shift to lower-carbon energy requires international locations to chop again their reliance on fossil fuels whereas increasing renewable energy and investing in cleaner applied sciences.
His view of fossil fuels as “lemons” signifies that though fossil fuels supply appreciable financial worth and energy potential, their non-renewable nature and environmental penalties create long-term challenges.
He mentioned the “lemonade” represents advantages like environmental sustainability via funding, innovation, and efficient policymaking that fossil fuel wealth can present.
Turning oil wealth into sustainable energy
The professor mentioned capital funding in environmentally pleasant applied sciences is a significant method to cut back the air pollution related to fossil fuel manufacturing and consumption.
He urged Nigeria and different oil-rich creating international locations to commit a portion of their oil revenues to constructing home capability for renewable energy and inexperienced infrastructure quite than relying closely on international international locations.
He additionally known as for larger funding in carbon seize, utilisation and storage, which includes capturing carbon dioxide emissions for storage or subsequent use in industrial processes.
According to him, the know-how may assist oil-producing international locations minimize emissions, strengthen their participation in carbon markets, and stay aggressive as world local weather insurance policies tighten.
Mr Mesagan urged current and proposed refineries in Nigeria to think about investing in carbon-capture applied sciences to scale back their environmental footprint.
He additionally expressed hope that the African Energy Bank, established by the African Petroleum Producers’ Organisation, will collaborate with the Africa Carbon Markets Initiative to advance carbon buying and selling throughout the continent.
The don additional advocated a diversified energy combine, urging oil-producing international locations to speculate oil revenues in photo voltaic, hydro and wind energy whereas strengthening insurance policies to help cleaner energy adoption.
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He mentioned efficient governance, stronger pollution-control legal guidelines and carbon pricing are additionally obligatory to make sure that investments in know-how and innovation ship significant environmental advantages.
Looking forward, Mr Mesagan recognized local weather finance, entry to inexperienced energy, and local weather vulnerability as areas that require additional analysis.
He highlighted the position of carbon-capture applied sciences and carbon markets in Africa’s pursuit of net-zero emissions, alongside the mixing of renewable energy into synthetic intelligence infrastructure and the socioeconomic implications of energy storage and the energy transition.
He known as for collaboration amongst policymakers, engineers, economists and environmental scientists to develop options that might allow oil-producing international locations to maximise the financial advantages of their pure sources whereas decreasing environmental harm.
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