WorldStage Newsonline– President Bola Tinubu says risk management is vital for Africa’s transition to cleaner energy, emphasizing that Africa must not become a victim of the disruptions that come with climate change mitigation measures.
He explained that Africa contributes the least to global carbon emissions but bears a disproportionate share of economic burden for transitioning to cleaner energy.
Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed this on Saturday in a statement in Abuja.
The president spoke at a panel on African Green Industrialization hosted by the COP28 Presidency and the President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan, in Dubai, UAE.
He said that Nigeria and Africa urgently required investments in alternative energy to be able to fully and effectively transition.
The president said there was an urgent need to heal the bleeding earth, adding, ”but there is also an urgent need for new investments in critical sectors.”
According to him, these investments would leverage Africa’s massive potential contribution to the new global green economy while enabling the continent to effectively adapt and transition.
“Global manufacturers must partner with us to invest in the health of our collective environment. Africa doubles as an unrivaled opportunity in this respect.
‘’We are removing all obstacles that are inhibiting progress as Africa’s largest economy. The investment environment is becoming cleaner and better. But how will Africa not be a victim of all these changes? How do we get value for our resources?
‘’We all agree that the earth is crying for healing, but how do you tell a grandmother to stop using firewood to prepare her food? It is for me to invest in solar energy, alternative energy.
“Here, you must encourage investment, and equally consider: how would this investment affect us? Yes, we have the market and sufficient housing that you can electrify with solar panels.
‘’There is iron ore; there is investment there, too. Risk management is very key for Africa. The opportunities must be translated soon. We are moving forward with urgency, and we will maximize the value given in return for those resources,” Tinubu said.
ELECTRIC BUSES
President Bola Tinubu says Nigeria is taking a significant step towards a sustainable and eco-friendly future through its pioneering initiative to deploy a fleet of 100 electric buses.
Chief Ajuri Ngelale, Presidential spokesman, said in a statement on Saturday in Abuja, that the President said this at a meeting with stakeholders and investors in Dubai, United Arab Emirate.
Tinubu was speaking on the Nigeria Carbon Market and Electric Buses Rollout Programme on the margins of the COP28 climate summit.
The President explained that the strategic initiative is aimed at reducing Nigeria’s carbon footprint and modernising the country’s transportation systems.
This, Tinubu said, was part of a larger effort to position Nigeria and Africa as the pioneering frontier of green manufacturing and industrialisation with a focus on natural gas as a transition fuel alongside other renewable energy sources.
To spearhead this transformative plan, the President announced the appointment of two co-chairs for the Nigeria Carbon Market Activation Plan.
The two are the Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, and the D-G of the National Council on Climate Change (NCCC), Mr Dahiru Salisu.
”This initiative stands as a testament to our dedication to environmental stewardship as clearly exemplified through our collaboration with the Africa Carbon Market Initiative.
‘’Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.
”We recognize the imperative of fostering an environment that not only attracts investment but also upholds standardized and sustainable industrial practices.
‘’As a manifestation of our forward-thinking approach, we are actively looking to implement robust, enabling policies and frameworks that will serve as the catalyst for the burgeoning growth of the carbon market within our national borders.
”In further driving my commitment, I have recently approved an Inter-governmental Committee on Carbon Markets to be chaired by the Executive Chairman of the Federal Inland Revenue Service and the Director-General of the National Council on Climate Change to drive this visionary plan,” the President said.
Tinubu assured prospective investors that this initiative transcends being a mere pilot project.
”It is a concrete manifestation of our unwavering dedication to a carbon-neutral future. I assure you; this is only the commencement of our ambitious plans, with many more impactful initiatives on the horizon,” he said.
Tinubu, while acknowledging the pressing need for a comprehensive global collaboration on climate-related challenges, called on global partners to join hands in accelerating collective efforts towards a net-zero future.
”As we unveil our initiatives, I challenge other nations to emulate our strides in mapping out their sustainable futures with a clear understanding that Africa is a beacon of innovative solutions to climate-related challenges.
”In this pursuit, we acknowledge the pressing need for comprehensive global collaboration, and we reiterate our commitment to being an active participant in international efforts.
”Nigeria’s plans for a greener and cleaner economy can serve as an inspirational narrative for nations worldwide. Our comprehensive approach, rooted in visionary leadership and pragmatic action supported by our technical partners, is poised to become a blueprint for countries aspiring to also develop and catalyse their markets for sustainable growth,” the President said.
In his remarks, the FIRS Chairman acknowledged the visionary leadership of Tinubu as the guiding force behind Nigeria’s commitment to harnessing its vast carbon potential.
Adedeji pledged the full commitment of the Committee to drive the implementation of efficient policies and frameworks to achieve sustainable carbon market growth.
Reiterating Nigeria’s readiness to lead the global effort to combat climate change, Adedeji described the initial phase of the rollout of the electric buses as a tangible symbol of Nigeria’s commitment to modernizing its transportation systems while reducing Africa’s modest carbon footprint.
”In the immediate term, Nigeria will proudly unveil a series of innovative, clean, modern, and sustainable initiatives across diverse sectors.
‘’These initiatives are strategically designed to not only address climate change-related challenges but also to position Nigeria as an attractive destination for global investments,’’ he said.
