Oil And Gas Investments Won’t Inflate Africa’s Contribution To Global Emissions – FG

The Federal Government has come out to ease fears that its ongoing drive to attract investments in the oil and gas sector will result in a significant rise in Africa’s contribution to global emissions.

The Special Adviser to President Bola Ahmed Tinubu on Energy, Olu Verheijen recently had her say during a session at CERAWeek by S&P Global, themed “Policy and People: Pathways to a Just Transition.”

According to her, such investments will not dramatically impact the continent’s carbon footprint, and the FG remains committed to creating an enabling environment for hydrocarbon investments to address energy poverty, stressing that Africa is not a net contributor to global emissions.

She added that Africa and other low-income countries contribute only about 3–4 per cent of global greenhouse gas emissions, in contrast to China and the United States.

Her words, “In Nigeria, we are ensuring that we create an enabling environment for investments. On climate change, we recognise the importance of risk perception in our markets and are committed to transparent policies that stand the test of time, enabling the deployment of capital.

We need to strengthen economic integration across African nations to create a larger, more attractive market for investment. By pooling resources, integrating markets, and leveraging collaboration across the continent and regional blocs, we can drive sustainable development.

Even if Africa experiences exponential economic growth and reaches middle-income status, the continent will still not be a major contributor to global emissions. The bulk of emission reductions will have to come from developed nations, which must diversify their energy sources and invest heavily in carbon removal and reduction technologies.”

WOW.