Global energy transition and aftermath of Baku COP29 (2)  

Mitigation and adaptation measures are the key critical actions being taken in this global environmental protection and conservation battle against the Climate Change challenges threatening man’s existence on planet earth and its sustainable future. It is on this basis that the Climate Finance discussions, debates and negotiations @COP29 session in Baku, Azerbaijan gained relevance for the conclusions reached to support poorer developing nations by the wealthy nations with a new target of $300 billion. This is to enable them to transit or exit the usage of fossil fuel energy sources and become clean energy compliant with renewable energy commodities. This United Nations’ aspirational goal towards global green actions to quit continued carbon emissions entanglement and actualise a reversed effect of global warming impact, is the ultimate target for a safe world for human beings to inhabit indefinitely.

The new $300 billion target in climate finance, proposed to be paid annually till 2035, has been decried as insufficient by the global-south nations (among other poorer developing nations), but it seems convincing, though, that the “adaptation measures” surpass this strategic policy of climate finance, among other feasible innovative and indigenous initiatives that could be applied in different global hemispheres and time zones. For instance, the economic law of comparative advantage could be invoked for successful results in this global carbon emissions mitigation and adaptation strategy. Severe and extreme impacts of drought, flooding, tidal winds (tornadoes and typhoon), heat-waves/high temperature, etcetera, are obviously viewed as natural phenomenon but, could be strategically exploited or scientifically leveraged on as low hanging fruits, and be taken advantage of, for adaptive cheap renewable energy sources in poorer nations that are affected by global warming in their respective manners of extreme weather effects. Scientists should start thinking in this direction for future research works in the generation of renewable energy. Such nations can develop theirs for cleaner energy exports while at the same time cushion the otherwise adverse effects of such extreme weather. This could be scientifically feasible, if thorough research works are conducted in that line (research and development, R&D); suggested as recyclable and harnessed energy sources, under the law of conservation of energy.

Nigeria could strategically champion this novel innovative concept as her contribution towards global energy transition with significant mitigation of global warming impact through her unique indigenously developed adaptation measures (with the added huge economic gains of the renewable energy exports). On this postulation, Nigeria should not join to cry more than the bereaved within the African continent that is endemically disadvantaged with very poor energy generation performance that culminates in her existential energy poverty status with the chaotic energy crisis in the economy. This singular postulation needs to be viewed very seriously with critical examination of its workability because it could open a way for wealth creation in the economy for the nation. We need to think entrepreneurially, we need to be visionary, we need to develop our own locally fashioned Silicon Valley, where youngsters with high intellectual ideas are trained and groomed for global competitive repositioning, with great skill acquisition for a better national economic growth and development.

A successful outcome of the above idea (if actualised and legally patented globally) could position this economy to transfer such technology to other nations as part of the nation’s export services, for huge foreign exchange accruals to the nation’s external reserves. For this adaptive measure at a time like now that the globe is comparatively experiencing all kinds of strange weather conditions in different parts of Nigeria (particularly), the Nigeria Energy Commission is, therefore, urged and encouraged to embark on energy development projects in different locations of the country, based on the different renewable energy value chains that are localised in their specific forms, with value addition on the respective comparatively advantageous local contents. Nigeria’s national gas master plan should not be left out in this innovative and strategic initiative because, natural gas is reasonably identified to be yielding “green fuel” that is professionally known as CNG, with a second gas product that is equally a cleaner energy commodity called LPG or “cooking gas”. Energy transition in the country, therefore, must not necessarily involve energy generation for the national grid but could be handled by numerous energy operators under the independent power projects (IPPs), where their yields are legally marketed and distributed within their respective localities (as is the case in other countries, such as South Africa). Such energy generating companies could further be classified to accommodate capable investors amongst SMEs that have both the financial muscles and technological know-how to establish small scale renewable energy generating plants like hydro-dams in small streams, wind farms in arid windy far North, solar panel plants in predominantly hot sun locations in the country; and more. The essence is to close the gap of energy poverty within the economy, and at the same time reduce carbon emissions through deemphasizing utilisation of fossil fuel sources like coal and crude oil, to generate energy.

• 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