Oil and Gas Investments Won’t Make Africa a Major Global Polluter
Nigeria’s Push for Hydrocarbon Investments: Balancing Growth and Global Emissions
The Nigerian government is committed to creating a supportive environment for hydrocarbon investments to help tackle energy poverty while ensuring that Africa remains a low contributor to global carbon emissions.
Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, shared this during the CERAWeek conference by S&P Global. The session, titled “Policy and People: Pathways to a Just Transition,” focused on how Africa can achieve sustainable development while addressing climate change.
Africa’s Role in Global Emissions
Despite the global push for net-zero emissions, Nigeria and other African nations emphasize the need for a fair approach to energy transition. Through the “Decade of Gas” initiative, Nigeria aims to use natural gas as a transition fuel — helping its economy grow while keeping emissions low.
Verheijen pointed out that Africa, along with other low-income countries, contributes only about 3-4% of the world’s greenhouse gas emissions. In comparison, China and the U.S. account for about 30% and 13%, respectively, making up almost 40% of global emissions together.
Attracting Investments for Growth
To encourage investments, Verheijen stressed Nigeria’s efforts to create a stable and transparent policy environment that addresses climate-related risks. “We are committed to clear, long-lasting policies that reduce investment risks and enable the flow of capital,” she said.
She also highlighted the need for stronger regional cooperation across African countries. By working together, Africa can create larger, more attractive markets for investment, driving sustainable development.
Data-Driven Decisions
Verheijen emphasized the importance of better data collection and analysis to guide informed policies. She noted that even if Africa experiences rapid economic growth, the continent would still not be a major contributor to global emissions. Therefore, developed countries must focus more on reducing their emissions through cleaner energy sources and advanced carbon-reduction technologies.
A Balanced Approach
She concluded that while developing nations like Nigeria should use their natural resources for growth, they should also adopt strategies that promote sustainability. By investing strategically and implementing effective policies, Nigeria and the rest of Africa aim to reduce energy poverty, attract investments, and contribute positively to global climate efforts.