The Federal Government, sought to alleviate concerns that its efforts to attract investments in the oil and gas sector will lead to a substantial increase in Africa’s contribution to global emissions.
The government stressed that these investments will not significantly alter the continent’s carbon footprint.
Reaffirming its commitment to fostering an enabling environment for hydrocarbon investments to address energy poverty, the government emphasized that Africa is not a major net contributor to global emissions.
The assurance was made by the Special Adviser to President Bola Ahmed Tinubu on Energy, Olu Verheijen, during a session at CERAWeek by S&P Global on Tuesday.
The session, titled “Policy and People: Pathways to a Just Transition,” explored energy and policy solutions in the context of climate change.
A statement released on Wednesday noted that the session, chaired by Vera Blei, Head of Market Report & Trading Solutions at S&P Global, featured prominent speakers including Scott Tinker, CEO of Tinker Energy Association, and Sunita Narain, Director-General of the Centre for Science and Environment.
During the panel discussion, Verheijen highlighted that Africa and other low-income nations contribute only about 3-4 percent of global greenhouse gas emissions.
In contrast, China and the United States are responsible for nearly 40 percent of global CO₂ emissions, with China accounting for roughly 30 percent and the U.S. for around 13 percent.
Verheijen emphasized Nigeria’s dedication to fostering a stable investment climate and addressing climate-related risks through clear and transparent policies.
“In Nigeria, we are ensuring that we create an enabling environment for investments.
On climate change, we recognize the importance of risk perception in our markets and are committed to transparent policies that stand the test of time, enabling the deployment of capital,” Verheijen stated.
She also stressed the importance of regional integration to attract capital and improve market efficiency across Africa.
“We need to strengthen economic integration across African nations to create a larger, more attractive market for investment.
By pooling resources, integrating markets, and leveraging collaboration across the continent and regional blocs, we can drive sustainable development,” she added.
Verheijen called for improved data collection and analysis in Africa to support more informed decision-making and effective policy development.
“Even if Africa experiences exponential economic growth and reaches middle-income status, the continent will still not be a major contributor to global emissions.
The bulk of emission reductions will have to come from developed nations, which must diversify their energy sources and invest heavily in carbon removal and reduction technologies,” she explained.
She concluded by emphasizing the need for a balanced approach, one that enables developing economies to harness their natural resources for prosperity while simultaneously adopting climate solutions that promote sustainability and resilience.
Nigeria, alongside other African and middle-income countries, continues to advocate for a just energy transition as part of the global push for net-zero emissions.
Under its “Decade of Gas” initiative, Nigeria is promoting natural gas as a transitional fuel to support economic growth while reducing carbon emissions.
