Benefits of Green Economy Highlighted at Oriental News Summit
The 2024 Oriental News Summit, themed “Green Economy, Sustainable Growth, and Infrastructure Transformation,” took place in Lagos, drawing together key players in the energy industry, government officials, economic analysts, trade union associations in the energy sector, women in the Sustainable Power Africa Network, and executive members of the Future Energy, Renewables, and Climate Action Committee.
The summit was chaired by Dr. Muda Yusuf, a renowned Nigerian economist and the former Director General of the Lagos Chamber of Commerce and Industry (LCCI), currently serving as the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE). The keynote address was delivered by Mr. Abba Abubakar Aliyu, Managing Director/CEO of the Rural Electrification Agency (REA), while the theme paper was presented by Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC).
The event also saw participation from other notable figures, including Dr. Dayo Mobereola, Director-General/CEO of the Nigerian Maritime Administration and Safety Agency (NIMASA), as well as students, entrepreneurs, professionals from various sectors, and media executives.
Panelists discussing the summit’s theme included Dr. Dayo Mobereola, Mr. Abba Abubakar Aliyu, Prof. Magnus Onuoha (President of REEA), Chief Mrs. Anita Nana Okuribido (Chairman of Women in Sustainable Power Africa Network), Mrs. Funke Adebayo Arowojobi (Director of Public Affairs and Consumer Protection at NIMET), Mrs. Toyin Yusuf (Chairperson of Women in Energy, Oil and Gas), Prof. Amina Batagarawa (Chairman of WIRE, an Energy Transition Programme), and Adetayo Adegbemie (Convener/Executive Director of PowerUp Nigeria).
The summit underscored the imperative of embracing a green economy for sustainable growth, emphasizing the need for improved infrastructure in Nigeria’s energy sector. It also encouraged public-private partnerships, highlighted the availability of grants and funding, and advocated for an appropriate policy framework aligned with the global push for promoting a green economy.
In his theme paper, Dr. Emomotimi Agama, Director-General of SEC, outlined the benefits of embracing a green economy and the requirements for its implementation. He highlighted that transitioning to a green economy can significantly enhance Nigeria’s sustainable development goals by reducing environmental risks, promoting social equity, and ensuring economic resilience. The shift towards a green economy will help mitigate climate change impacts, preserve biodiversity, and improve public health.
Dr. Agama elaborated on the necessity of comprehensive policies to promote renewable energy, sustainable agriculture, and green infrastructure. He identified the National Climate Change Policy, Renewable Energy Master Plan, and Green Bond Initiative as crucial components of Nigeria’s strategy to foster sustainable development.
He noted the social and health benefits of green economy policies, such as reducing pollution and promoting cleaner technologies, which can improve public health and enhance the quality of life for communities. He also highlighted the job creation potential in renewable energy, sustainable agriculture, and green technology, citing the International Renewable Energy Agency’s (IRENA) estimate that renewable energy could create up to 52,000 direct and indirect jobs in Nigeria by 2030.
Dr. Agama emphasized the importance of economic diversification, noting Nigeria’s heavy reliance on oil and gas, which accounts for over 90% of its export earnings and about 80% of government revenue. Transitioning to a green economy can reduce dependence on fossil fuels and enhance resilience against global oil price volatility.
Furthermore, he addressed Nigeria’s environmental challenges, such as deforestation, soil degradation, and water pollution, advocating for green economy practices to mitigate these issues and promote sustainable land use and ecosystem services.
In her welcome address, Mrs. Yemisi Izuora, Publisher of Oriental News Nigeria, explained the rationale behind the summit’s theme, advocating for gender equality in every action and process towards transitioning to a green economy. She emphasized the importance of including women’s perspectives and talents in driving climate mitigation and adaptation, as well as facilitating the transition to green energy.
Mrs. Izuora highlighted that companies in emerging markets and developing economies (EMDEs) are prioritizing climate action and advancing gender inclusiveness as a strategic way to drive climate benefits. She noted that businesses with higher proportions of women in senior management and board positions are more likely to have formalized commitments to climate action and green energy transition.
The summit highlighted the critical role of gender inclusion in driving robust corporate actions to confront the climate crisis and encouraged stakeholders to approach climate action and gender inclusion as intertwined priorities.
Source: Oriental News
