President Bola Tinubu on Tuesday, said Nigeria is looking to diversify its economy by engaging in “friendly competition” with Russia in energy supply to European markets.
This, he said, could be done with natural gas and through green energy.
He also said Nigeria and other African countries need partnerships for a new green economy, arguing that efforts against climate change will only succeed through cooperation.
While maintaining that these nations cannot do it alone, Tinubu called for “a fair and cooperative approach,” stating that “too many developed nations have hesitated to do what they should” for too long.
Therefore, he called on developed countries to honour commitments through significant contributions to the Loss and Damage Fund and the $100bn annual climate financing pledge.
Tinubu shared his thoughts in an exclusive CNN op-ed on Tuesday titled ‘Africa can become the world’s green powerhouse.’
His comments coincided with the scheduled end of the nearly two-week COP28 World Climate Action Summit in Dubai, the United Arab Emirates.
However, the summit went into overtime on Tuesday with no deal on the final agreement as countries remain sourly divided over the fossil fuel question, CNN reports.
The overtime follows days of disagreement between countries at the conference over a possible deal to phase out fossil fuels.
Last Saturday, observers of closed-door negotiations revealed that Saudi Arabia and Russia took the front row out of several countries, insisting that COP28 limits its focus to reducing climate pollution and steering clear from the fossil fuels causing it.
The Organisation of the Petroleum Exporting Countries—of which Nigeria is a member sent a letter urging its 13 members, including Saudi Arabia and OPEC+ countries, to “reject any mention of fossil fuels in the final summit deal, warning that ‘undue and disproportionate pressure against fossil fuels may reach a tipping point.’”
On Tuesday, the final draft agreement at COP28 stopped short of mentioning the phasing out of fossil fuels, evoking anger from other nations and advocates.
Reiterating his stance on the inequity in the economic status quo, Tinubu wrote that despite contributing minimally to the problem, developing nations endure most of its impacts.
Tinubu, who attended the opening sessions of the event from November 30 – December 3, affirmed that the security threats, the dislocation of people, the environmental atrophy and other collateral impacts of climate change were at the forefront of his mind during his participation in Dubai, United Arab Emirates.
He said Nigeria has battled 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, despite these challenges, the nation remains steadfast in its resolve to reconstruct a better, cleaner economy.
“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 revealed.
The Nigerian leader highlighted his country’s efforts and commitment to its pledges, saying Nigeria has taken significant steps and acted decisively in enacting the Climate Change Act and committing to net-zero emissions between 2050 and 2070.
“Africa’s most populous nation has successfully mobilised tens of thousands of youths nationwide to plant 250,000 trees annually to honour a pledge to plant 25 million trees by 2030 as we build our great green wall to fight back against encroaching desert across the northern region of our nation,” he stated.
Nigeria’s current focus, he said, is to exploit her abundant wind and solar resources aggressively.
However, Tinubu argued that transitioning from fossil fuels, Nigeria’s economic mainstay, will not be easy.
He said, “While in Berlin last month at the G20 Summit, I announced Nigeria’s commitment to develop blue and green hydrogen capacity for international export.
“In conversations with Middle Eastern oil producers, I also solidified this commitment.
“We now seek to mobilise private capital with support from initiatives like the Climate Finance Leadership Initiative and the new US and EU global infrastructure programs.”
He also identified the European Union’s Global Gateway program and the US Government’s Build Back Better World initiative as potential resources Nigeria seeks to explore to transition to cleaner energy.
“We are also looking to diversify our economy by engaging in friendly competition with Russia in energy supply to European markets. We can do it with natural gas and through green energy.
“This is why we are investing massively in both. Batteries for hire could help Nigerians ditch their generators. 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. It is time to seize the moment,” the President concluded.
