Decarbonising Nigeria's Economy
Overview
While the world has plunged into a deadly pandemic, scientists believe once more that climate change remains the greatest threat to human health in recorded history. Although the earth has warmed and cooled continuously throughout its history, it is worth noting that two-thirds of the 1 degree Celsius rise in temperature since the industrial revolution only occurred from 1986 to the present.
This means that the warmest years in recorded history of the earth occurred within the last two to three decades. In 2017, scientists found that the oceans were extremely warmer than they were in 2015 which used to be the warmest ocean temperature year.
Amongst the dreadful consequences for ocean warming is acidification, which is particularly threatening to phytoplankton that produce half the oxygen we breath. Given the huge climate crisis facing the planet, world leaders are determined to set in motion the near and long-term actions to support low carbon economic growth and deliver climate deals that are sufficiently robust to prevent catastrophic climate change.
Nigeria's commitment to a sustainable future
At the COP26 of 2021, we have seen numerous developments in climate action e.g., the move away from fossil fuels, tackling greenhouse gas emissions (GHG), and protecting nature and biodiversity. Notwithstanding, collaborative efforts by all countries are still needed in achieving a low carbon economy in the years ahead. To this extent and together with other nations, Nigeria took on three major pledges at the COP26. On the net-zero pledge, Nigeria committed to reach net-zero emissions by 2060.
The Energy Transition Plan as a pathway to Nigeria's net zero target
On 2 February 2022, the Federal Executive Council of Nigeria approved the nation's Energy Transition Plan (ETP) that defines a pathway to achieving net zero target in 2060. Nigeria is so far the only African country with an ETP. The ETP seeks to lift over a 100 million people out of poverty through driving economic growth, connecting the population to modern energy services, and managing the potential job loss in the oil sector because of global decarbonisation.
Contact us
Esiri Agbeyi
Partner | Private Clients & Family Business Leader, PwC Nigeria
Tel: +234 (1) 271 1700
