When presenting this case at the inaugural PENGASSAN annual conference: Energy and Labour Summit in Abuja on Tuesday, Engr. Gbenga Komolafe, the Chief Executive of NUPRC, pointed out that developing countries make up a very small portion of the world’s carbon emissions.
Komolafe contends that taking these factors into account will enable developing nations to use the money made from fossil fuels to spur economic growth and shared prosperity based on the idea of an equitable energy transition.
“Moreover, I believe that energy transition towards low carbon emission is valid, however considering the fact that developing nations contribute a negligible amount to global carbon emission, they should be allowed to produce fossil fuels in a sustainable manner and utilise the proceeds to catalyse economic growth and shared prosperity based on the principle of a just energy transition.
“Comrades, in its commitment to optimization of Nigeria’s gas resources, the Federal Government declared Gas as transition fuel towards a low-carbon future, which further re-enforced the fact that Nigeria is more of a gas rich than oil rich nation” he said.
He reiterated that innovative approaches will have to be developed to attract investment to the oil and gas industry during this time of energy transition, adding that what is paramount at this time is for the nation to weigh her options and strengthen the resilience and sustainability of our resource base in other to build robust positions in the new energy businesses of the future.
Komolafe stated that projections show that over the next two decades, rapid population growth and industrialization are expected to drive strong energy demand growth across Nigeria and Africa.
“The picture is not totally gloomy, as projections show that over the next two decades, rapid population growth and industrialization are expected to drive strong energy demand growth across Nigeria and Africa—including for fossil fuels, which will result in an increase in job opportunities. Estimates show that the energy demand across Africa in 2040 could be around 30 percent higher than it is today, compared with a 10 percent increase in global energy demand” he added.
