COP26: No better option than a Net-Zero Action Now! (2)

Sunny Nwachukwu, PhD, a pure and applied chemist with an MBA in management, is an Onitsha based industrialist, a fellow of ICCON, and vice president, finance, Onitsha Chamber of Commerce. He can be reached on  +234 803 318 2105 (text only) or schubltd@yahoo.com

The enormity of the dangers associated with mother earth’s climate crisis seriously threatening the continued existence of life and nature, has finally been scientifically exposed in specific terms (with empirical data and time-bound information), through the efforts made and presented at the most recent climate change summit, by Professor Malte Meinshausen, a climate researcher from University of Melbourne, Australia; who is also a scientist in the Intergovernmental Panel on Climate Change (IPCC).

His comments that, “if all 96 countries fulfill their climate pledges, it will cause the world to peak warming at 1.9°C this century”; added to the UN Environment Programme report, that the parties updated and new Nationally Determined Contributions (NDCs) fall short of what is needed to reach net-zero by 2050 and will cause a temperature rise of at least 2.7°C; brought to the front burner the methane emissions issue as posing a threat to the entire human race and existence. No wonder the Pope’s comment about the urgency for a “radical action” in combating the global climate crisis. The situation is precarious and puts the world in a state of dilemma, something nobody dares toy with, or handle with kid’s gloves. It is either the world aggressively gets the monstrous, extreme weather conditions completely arrested and put under control; or we are doomed!

The move made by a large number of companies in the financial sector (banks, insurers, asset managers) from 45 countries at the summit, who instantly rallied round and enthusiastically resolved to cut emissions from their lending and investing activities to net-zero by 2050, was a positive green financial action taken in the right direction (not minding that, critics present at the conference remarked that the measure seems too weak). The aspect of adapting to climate damages in rich countries was feasible for the rich countries because they have the means to adapt but are reluctant to relate with poorer and vulnerable countries that suffer most from the harms of climate change. Yet, they have contributed the least towards the global crisis. The estimated damages in developing countries by 2030, as experts have projected, will cost within the range of $290 billion – $580 billion. The rich countries, however, appear reluctant in relating with the developing countries based on fear of being faced with costly bills.

Nigeria’s carbon trading or carbon market (gas flaring policy) could cut a significant amount of money annually with Buhari’s projected time-bound target for a net-zero mark by 2060, from the cost of limiting climate change. Such a policy in the oil and gas industry could be a Sustainable Development Mechanism (SDM) that allows the oil majors in the country to offset their upstream/extractive operations emissions by paying the carbon tax to protect the mangrove forest and habitats in the Niger Delta region, and in addition, the federal government would strategically start migrating from the fossil fuels to renewable energies at a gradual pace in developing massive wind farms, solar power plants and more hydropower/dams for electricity generation, while the crude oil and natural gas operations are optimally exploited for economic gains and national income.

The oil and gas sector should make the best of the time by harnessing all available natural resources towards achieving economic efficiency through much improved output in crude oil and gas, with the ultimate goal of maximising foreign exchange earnings for the economy, especially now that fossil fuel is still relevant in driving economic activities for the nation’s prosperity, growth and development.

Even if declining demand gets worse, Nigeria could comfortably make do (internally) with the existing local refining facilities, as her primary and immediate offtakers in utilising the raw materials for petroleum products refining. The giant-sized Dangote petrochemicals refinery with 650,000 barrels daily capacity production is indeed a blessing to the economy at this time of energy transition.

Cities in the countries of the world are expected to make significant contributions to mitigate the impact of global warming through application of prudent measures that encourage green concepts in all aspects and activities of everyday life. From wake up to the end of daily toiling, it demands a conscious effort in every step taken by everyone (both in private and business life) to think green, apply green, and act green. By doing so, a great deal of improvements can be achieved and recorded in the current battle for a sustainable global future; with a much improved speed of reversal rate, for a global climate recovery, towards the original natural status quo.

This every living human, every family or household, every county or village, every community and the cities of the world should aggressively pursue. Only then, can the COP26 Summit, as agreed by many countries, start being meaningful towards actualising a time-bound targeted net-zero resilient future for planet earth.