Analyses and commentaries on the aftermath of the recently concluded annual “Conference of Parties” (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC) that took place in Baku, Azerbaijan from 11th to 22nd of November, 2024 focus mainly on the financial costs and compensations to the developing poorer nations that bear the heavy brunt of the global warming impact. This impact of climate change that resulted from man’s unguarded dangerous interference with the ecosystem, many decades of energy production and consumption meant to drive economic and commercials activities in human effort towards improving and sustaining life in the society (the global community), is what the annual conferences aim at mitigating, for a safer future. In that course, it is necessary to recount how human beings contributed towards disrupting their living environment by sourcing energy utilisation from fossil fuels. These fossil fuel sources (coal, and crude oil) are majorly compounds of long chain hydrocarbons that emit excessive and unbearable amounts of greenhouse gases (GHG) into the atmosphere; known as carbon emissions that significantly contribute to the environmental pollution, degradation and the eventual global warming impact (climate change) that is devastating and threatening human future existence on planet earth. Natural gas is equally fossil fuel but it is composed of compounds that produce cleaner energy; and examples are the compressed natural gas (CNG) and the liquefied petroleum gas (LPG) that is popularly known as “cooking gas”.
Although the 2024 Climate Change Conference agreed that the developed countries will provide $300 billion annually in climate finance to the developing nations with an overall financing target of “at least $1.3 trillion by 2035” as a global climate action, the global-south nations are bitterly disappointed, resulting to recent dramatic protests in some of the countries. The big question that is posed before all living persons here on earth regarding this outcome and the protests or agitation bothers on the climate finance aims. The reason why these aims are important to be addressed and actualised is that this global challenge leaves no better option; even Nigeria is affected and involved in experiencing the challenges of climate change (especially the environmental devastations being suffered in the Niger Delta region due to oil exploration and drilling). These aims are pertinent to be fulfilled in climate finance (to reduce carbon emissions, to maintain and increase the resilience of human and ecosystems to reverse climate change by halting global warming) if this planet must be salvaged from the threatening impact of global warming. In places like Bayelsa State of Nigeria, the sorry sight from the consequences of the reckless actions of the international oil companies (IOCs) is regrettably pitiable for the affected host communities. Having such firsthand experience amongst the affected Nigerians, one is left with no option than to support the agitation against the proposed climate finance figure as already mapped out in the COP29 at Baku.
In this pursuit of mitigation and adaptation globally, no nation should be left out in the fight against climate change (both the heavy emitters of carbon in the course of energy generation and utilisation). The reason being that any proposed reverse action by committed nations may not bear much fruits if a smaller fraction of such efforts are scuttled and neutralised or nullified by any form of unchecked non compliance in energy generation and utilisation from developing nations (no matter how insignificant such default might be). It is therefore, on this very note that the world should be compelled as a matter of fact, for every single nation, to key into the global programmes of energy transition to renewable energy sources. Nigeria (for instance) is richly endowed with heavy deposits of hydrocarbons but, a programme of action ought to start from somewhere along the energy transition plan value chain of the national planning; that will eventually terminate at some point of the life of the nation. It is therefore important that the economy is reshaped in such a manner that the ongoing reduction of global warming features very prominently in the economic planning and the agenda of the current administration. Of course, the “renewed hope” agenda captures the green economy through one of the ongoing programmes that focuses much on CNG consumption in the economy. While such a programme by the government is commended, let the government also intensify efforts in the development of every known renewable source of energy generation for the country. Solar sources, among the likes of wind and hydro (for example) should not be left out from serious discussion and genuine implementation. More investments in establishing wind farms in the arid regions of the far North needs to be encouraged, and, of course, energy companies that specialise in such operations should be attracted and engaged to set up such energy generation and distribution projects in such locations in the country (to further reduce energy poverty). Cumulatively and collectively, the global energy transition effect and resultant impact shall be felt all over the globe, over time.
- business a.m. commits to publishing a diversity of views, opinions and comments. It, therefore, welcomes your reaction to this and any of our articles via email: comment@businessamlive.com
