Osinbajo: Nigeria targeting net zero emissions by 2050

Vice-President Yemi Osinbajo says the country is targeting net zero emissions by 2050 in an effort to reduce greenhouse gases in the country.

Osinbajo spoke on Thursday at an energy summit organised by Seplat Petroleum Development Company Plc. 

The vice-president, who was represented by Sharon Ikeazor, minister of state for environment, said net zero emissions by 2050 is one of the aims of the country’s Energy Transition Plan.

“Through the COP26 Energy transition Council process, Nigeria has now developed its Energy Transition Plan, which has the three core objectives of achieving universal access to energy by 2030, net zero emissions by 2050 and industrialization to alleviate poverty and drive economic growth,” Osibanjo said.

“At this point I would like to disclose that Nigeria also developed an Energy Compact which was presented at the High-Level Dialogue on Energy at the just concluded 76th session of the United Nations General Assembly (UNGA). 

“By this, Nigeria joined the league of the global energy debate to explore this central driver for economic and social development, as well as environmental and climate issues, and is positioned to influence the scale and nature of investments across the economy, long-term climate goals and economic opportunities associated with energy transition.”

On his part, Timipre Sylva, minister of state for petroleum resources, said while the federal government is looking at transitioning, it is also committed to “monetisation” of the country’s oil resources.

“Indeed, the recent World Oil Outlook released by OPEC forecasts that oil would still be in high demand by at least 2045,” the minister said.

“This is why every effort must be made to urgently develop our oil resources optimally, and, importantly, to source for alternative sources of investments in the light of the stance of not funding the development of fossil fuels by certain players in the global financial ecosystem.”

Speaking with reporters after the event, Bryant Orjiako, Seplat chairman, said his organisation will stop flaring gas six years ahead of the government’s deadline.

Orjiako said they are looking at having a cleaner and healthier environment which is why they are focusing on increasing the production of cooking gas.

“Over 2.8 million tonnes of carbon emission and greenhouse gases will be taken out of our environment. That is huge, that is a major investment,” he said.

“We have taken a deliberate decision that we must increase production of LPG (cooking gas) so that it can replace firewood and charcoal, so that only do we have a cleaner environment, but we will make our people healthier.”