Climate Watch: Low investments in renewables affecting energy transition, says FG

Despite directly impacting our communities, health and livelihood, climate-related reports usually take a back seat to dominant news beats like politics and business. Climate Watch aims to ensure you never miss important stories on climate change and actions being taken towards limiting its impact.

Here is a round-up of last week’s climate stories:

• With just one week to COP26, Nigeria is yet to get President Muhammadu Buhari’s assent on the climate change bill. Sharon Ikeazor, minister of state for environment, says she hopes the president will sign the bill into law before COP26. Speaking to youths at an event last week, Ikeazor said the government is doing its part to tackle climate change but cannot do it alone. She encouraged youths to come up with ideas to help the government address climate change. Read more here. 

• In 2017, former US President Donald Trump announced that the US would withdraw from the Paris agreement on the grounds that the agreement would affect the US economy. The country officially withdrew from the agreement towards the end of 2020. But when President Joe Biden took over power, he rejoined the agreement. For this reason, Vice-President Yemi Osinbajo said Nigeria is delighted that the US is fully back on the global climate change agenda. He said the move is commendable and reaffirmed Nigeria’s commitment to a transition from fossil fuels to clean energy. Read more on this here. 

• A recent report shows that global emission reduction could hit the economies of developing nations hardest if advanced economics carry on with their climate target plans. The report which was released by the Economist Intelligence Unit, on October 5, stated that significant industrial transformation is imminent and will favour renewables in place of fossil fuel. It suggested that businesses need to begin reinventing their activities and products to reflect global climate ambitions. Click here for further reading.

• Vice-President Yemi Osinbajo says low investment in renewable energy in Nigeria would affect the country’s transition to renewable energy. He said there are currently inadequate investments in the renewable energy sector to support the country’s intended transition from fossil fuels. He mentioned that investments in fossil fuels had declined by 40 percent since 2015, and there has not been a requisite ramp-up in renewable energy. Osinbajo reiterated his stand that the developed world needs to reconsider a just transition for developing countries to use gas as transition energy. 

• Rochas Okorocha, chairman, senate committee on culture, has advocated heavier sanctions against multinational oil firms that are still involved in gas flaring in the Niger Delta. Okorocha said it is important for Nigeria to take drastic measures against gas flaring because of the increasingly devastating impacts of climate change on the country and the world at large. He encouraged African leaders to rise up to the climate challenges, saying it is time to use heavy sanctions to stop oil companies from causing further environmental degradation.