President Bola Tinubu has stated that African countries, including Nigeria, require partnerships for a new green economy, emphasizing that efforts to combat climate change will be successful only via collaboration.
The President stated in an OP-ED piece for CNN that while attending the COP28 World Climate Action Summit in Dubai, United Arab Emirates, he was particularly concerned about security risks, population displacement, environmental deterioration, and other side effects of climate change.
Ajuri Ngelale, the presidential spokesman, stated in a statement that Nigeria has overcome significant challenges, such as the COVID-19 pandemic's effects, immediate difficulties arising from economic reforms, and the continuous unification of foreign exchange rates, but that the country is unwavering in its determination to rebuild a stronger and cleaner economy in spite of these difficulties.
“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 said.
The President reiterated in his letter his position on the unfairness of the current economic situation, saying that developing countries bear the brunt of its effects even though they are the ones who contribute the least to it.
He said African countries simply can not handle it alone, adding that: “There must be a fair and cooperative approach. For too long, too many developed nations have hesitated to do what they should.”
Highlighting Nigeria’s efforts and commitment to its vows, President Tinubu said: “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 mobilized tens of thousands of youths nationwide to plant 250,000 trees annually to honor 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.”
The President stated that Nigeria is actively pursuing the utilization of its vast wind and solar resources, but he also highlighted that the country's economic mainstay—fossil fuels—will require some adjustment.
“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 mobilize private capital with support from initiatives like the Climate Finance Leadership Initiative and the new US and EU global infrastructure programs,” he said.
He added that Nigeria is looking into possible resources to investigate in its efforts to switch to cleaner energy, including the Global Gateway program of the European Union and the Build Back Better World project of the United States government.
“We are also looking to diversify our economy by engaging in friendly competition with Russia in the supply of energy 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 honor 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.
