How Nigeria can earn money under clean energy transition and decarbonization process – Prof Onuoha

Prof. Magnus Onuoha
President, Governing Council, REEEA-A

Prof. Magnus Onuoha, the President of the Governing Council of the Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A), conveyed the belief that Nigeria can multiply its revenue threefold through its clean energy transition and decarbonization process.

Speaking at the 29th edition of the Nigerian Economic Summit Group (NESG) plenary session on sustainable energy and carbon finance opprtunities, Onuoha emphasized that the federal government’s dedication to decarbonization processes presents an additional avenue for substantially enhanced financial returns .

“ Decarbonization refers to the process of reducing carbon dioxide( CO2) emissions resulting from human activity in the atmosphere. The objective is eventually eliminate harmful carbon emissions. Preventing carbon dioxide from entering the atmosphere is an important aspect of mitigating global warming.

Onuoha further said that captured carbon dioxide can be repurposed and converted to industrial use in materials that contains carbon dioxide. Oil and gas producing companies are pushing for carbon capture storage and utilization technologies. This is certainly an interesting development in the emerging clean energy transition..

Onuoha said: “I spoke about the carbon financing and budgeting opportunities for Nigeria if she seriously take mitigations actions in her sustainable energy drive.

This includes the deployment of decarbonization processes such as renewable energy and energy efficient sources; CCS& U, technologies and development critical minerals ( Rare Earth Elements)such as lithium, copa etc important for the manufacture of renewable energy infrastructure such as battery . and what we are doing here is about mitigation action, trying to reduce emission. We are making a statement of emission reduction.

“You must earn money in the process by trading the green house gas emissions inventories under the new carbon market mechanism within the context of the Article 6 of the Paris Agreement.

“We are saying that Nigerians will take it beyond your exploration and exploitation of oil and gas. But deploy decarbonization technologies, gather the green house gas inventories that can be traded upon under the carbon market and additional revenue opportunities for the country.

That is basically what I tried to explain and expose Nigerians to some of the opportunities in this sustainable energy space, the opportunities beyond export oriented drive of our natural gas to earn revenue, we can achieve energy access within the context of LPG, CNG , deployment of renewables, and all of that. I call upon the private sector to brace upon and be an active participant in the global carbon market and reap the abundance revenue accruing therefrom.

Speaking on the potentials of renewable energy and energy efficiency in the energy tranaition, Onuoha said: “When it comes to transition, there was a time when it used to be straw, and it moved to wood and then fossil fuel as represented by coal and oil and gas, and we are now in renewables and the clean energy opportunities, with natural gas as transitional fuel that will drive our sustainable energy future. The future is bright for Nigeria.

“ Beside the renewables, natural gas will still be very relevant in the current Nigeria’s clean energy mix, so also is emerging green hydrogen paradigm. I implore on the private sector especially those in the oil and gas to embracce and invest in green hydogen by ensuring that it moves from research to comercialization.

“The emissions you have in green hydrogen is water as against CO2 and that portends healthy environment for Nigeria. The global world are transiting. The prospects are huge and It’s just for Nigeria to key in, and not be fixated on oil and gas.

“Everything needs to change to get to where we want to be in the sector. We have done well in policies, laws and regulations which is expected to encourage private sector participation in the process. . For instance, we have the Climate Change Act, Electricity Act, Petroleum Industry Act, Energy Transition Plan etc. The urgency now lies in enforcement.

“The truth is that it lies on enforcement. If they say the private sector should come in, I look forward to seeing political will on the side of government to provide the enabling environment for them to come in and become an active participant in the energy transition business. The Renewable Energy and Energy Efficiency Associations Alliance( REEEAA) where i superintend is ready for collaboration and partnership to drive the process. Most of my members are big time developers and are ready to seize the moment.”

“The emissions you have in green hydrogen is water as against CO2 and that portends healthy environment for Nigeria. The global world are transiting. The prospects are huge and It’s just for Nigeria to key in, and not be fixated on oil and gas.

“Everything needs to change to get to where we want to be in the sector. We have done well in policies, laws and regulations which is expected to encourage private sector participation in the process. . For instance, we have the Climate Change Act, Electricity Act, Petroleum Industry Act, Energy Transition Plan etc. The urgency now lies in enforcement.

“The truth is that it lies on enforcement. If they say the private sector should come in, I look forward to seeing political will on the side of government to provide the enabling environment for them to come in and become an active participant in the energy transition business. The Renewable Energy and Energy Efficiency Associations Alliance( REEEAA) where i superintend is ready for collaboration and partnership to drive the process. Most of my members are big time developers and are ready to seize the moment.”