The Petroleum Technology Development Fund (PTDF) has highlighted the need for a painless energy transition with its effects properly managed without compromising the continent’s energy security or slowing down economic development.
Executive Secretary, PTDF, Gusau Bello said this in Abuja at the opening of the 15th Annual Conference of the Nigerian Association for Energy Economics (NAEE).
The three-day conference, hosted by the PTDF, was organized by NAEE – an affiliate of the International Association for Energy Economics (IAEE).
The theme of the conference is “Energy Transition and Climate Change Policy: Pathway to Sustainable Development in Africa”.
Gusau, represented by Mr. Jide Adebulehin, Managing Director, Strategic Planning and Documentation, PTDF, said the 2022 theme was an important topic discussed around the world.
He added that it was evident that some of the longer term impacts of climate change in Africa included altered rainfall patterns which affected agriculture and food security, worsening water security and the increase in poverty.
Therefore, he said it was very clear that for Africa to prosper, it must be at the forefront of the fight against climate change.
“Therefore, we believe that some African countries are rising to the challenge and have solid plans in place to finance this transition from their hydrocarbon resources.
“This strategy is necessary because most countries with abundant hydrocarbon resources would have to completely overhaul their energy mix, especially in the transport and industrial sectors of the economy to achieve the goal of net zero emissions by 2050, in line with the targets set by the International Energy Agency (IEA),” he said.
He said it was clear that the exploitation of hydrocarbons would play an important role in shaping Africa’s energy future as well as in its quest to meet its development aspirations.
He explained that Nigeria faces many challenges resulting from the impacts of climate change seen in rising temperatures, inconsistent rain patterns, floods, droughts and pollution of fresh water resources.
“And one of the most important steps the current administration has taken to bring about this transition has been the declaration of a ‘Gas Decade’ in 2020.
“This laudable move is an opportunity to optimize the country’s gas derivatives and deepen its market participation through infrastructure development and diversify into petrochemicals,” he added.
In an address, Professor Yinka Omorogbe, President of NAEE, said decisive action was needed to bring access to clean energy to those who currently lack it.
Omorogbe said renewable energy was probably the main hope for the 50% of Nigerians who hold great potential for off-grid communities in Nigeria and other African countries.