Urgent $1.6T #greentransition
It is almost impossible to not notice the increase in temperature over the years, variability in rainfall, and all the other changes in our climate. Climate change is not stalling and waiting for Nigeria to catch up with trends or to have the money to finance its commitments to climate change action.
According to the African Development Bank (AfDB), the country would need 1.6T dollars to fulfil national commitments to climate change action. Apart from this, 5 to 15 percent of GDP per capita growth has continuously been lost to the increasing impact of climate change, expanding the climate finance gap further.
The whole of Africa contributes to just 3% of global emissions but is affected terribly by the crisis. A lot of investment is required in this regard, and it has been noted that it is a collective responsibility of the government, the private sector and civil society.
The crisis is spreading its impact across other sectors, from the reduction in agricultural productivity to the increasing rate of natural disasters, two main drivers of climate change problems in Nigeria are the increase in carbon emissions and the increase in forest depletion.
Nigeria’s transition to greener energy as announced includes the expansion of solar energy and gas power generation. The country is depending largely on gas as a transition fuel and aims to achieve net zero emissions by 2060. Harnessing the depth in the abundance of gas resources available to the country has been identified as the key to success in transition and economic viability while also reducing poverty and creating jobs. However, the country needs about 1.6T dollars.
So what?
The country (government and people inclusive) is faced with the challenge of promoting economic growth and protecting the environment. Previously, countries could ignore the destruction of the environment for the sake of improving the economic conditions of their citizens. However, this can no longer continue as the destruction of the environment has now begun to directly affect the economic conditions of the people.
The country will need to balance its growth ambitions with a plan that protects the environment or we might have worse-case scenarios where entire cities are lost to natural disasters.