The legislator who sponsored and pursued the Climate Change Act to its logical conclusion, Rep Sam Onuigbo says the recent enactment of the Climate Change Act was a stitch in time as the World is changing fast, and Nigeria must join in a coordinated and properly supervised manner, or run the risk of being left behind with critical stranded assets.
Answering questions on Climate Change in an interview with Arise TV on Wednesday, Rep Onuigbo said: "We must note that the world is transiting and if we do not join in a coordinated and properly supervised manner, we run the risk of being left behind and being left with critical stranded assets due to those who buy our petroleum products having transited and would no longer need our products. Remember that within the year, a Dutch court gave a judgment restricting Shell from the level of emission that it generates, and the International Energy Agency, IEA which was founded with the mandate of ensuring free flow of oil, came up with a memo saying that companies should reduce or even stop prospecting for oil and gas.So,these things are happening and we must key in, and begin now"
Rep Onuigbo further recalled that President Muhammadu Buhari at COP26 in Glasgow announced that Nigeria will attain net zero by 2060: "The Act provides for a wider margin of 2050-2070 for us to attain net zero. This will not be easy as we are a fossil fuel dependent economy.
"Nigeria's transition to net zero is one that we must go through with even though it will be tough. We do not have any other option as we cannot afford to be left with stranded assets. We must start early so that we can do it well. The world is changing and fast too. In Glasgow, over 22 countries got together and agreed that they were defunding investments in oil and gas. That is a serious warning to all fossil fuel-dependent countries. When you have 22 powerful countries coming together to say they would defund investment in gas and petroleum, one must be careful.
"On whether 2060 is far for net zero, and if the policy will be abandoned, that is not even an issue because government is a continuum. President Obasanjo started the privatization of the telecommunications industry, has it stopped? So we must be aware of how serious this is and take it up as such", he explained
The lawmaker further added that the Climate Change Fund will ensure that there is money to tackle the issue of Climate Change. The funds could come through National Assembly appropriation, or even support from the international community. This fund will be controlled by the National Council on Climate Change headed by the President with several Ministers as members.
"The National Council on Climate has not been inaugurated. We have done our part as members of the legislature to make the law, it is now left for the Executive to implement by first constituting the National Council. They have to do this urgently, bearing in mind the devastating impacts of climate change. I have no doubt however that Mr. President will inaugurate it soon", he said
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