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Monday, January 14, 2019

Nigeria at risk of energy transition says IRENA - ITREALMS

Nigeria is at risk of impact of the energy transition expected to reduce the fossil fuel imports, reports ITREALMS.

This was contained in the latest study released by the International Renewable Energy Agency (IRENA) via the Global Commission on the Geopolitics of Energy Transformation and made available to 
ITREALMS.

According to the study entitled ‘A New World’ suggested that the geopolitical and socio-economic consequences of a new energy age may be as profound as those which accompanied the shift from biomass to fossil fuels two centuries ago.

Precisely on the regional impact of the energy transition, IRENA noted that the majority of countries in Sub-Saharan Africa (SSA) will benefit from reducing fossil fuel imports and generating renewable energy domestically, because this will boost job creation and economic growth.

However, they predicted exceptions to this are Nigeria and Angola, which are the two biggest oil producers in the region.

As said by the study endorsed by IRENA chair, and the former President of Iceland, Mr. Olafur Grimsson, Nigeria and Angola, are at risk because they depend heavily on fossil fuel rents.

“Because of their size and large fossil fuel exports, they skew the data for SSA as a region,” the study revealed.
ITREALMS gathered that in the long-term, however, African countries have a unique opportunity to leapfrog the fossil fuel-centred development model despite recent discoveries of oil and gas.

Conversely, the study pointed out that “Small Island Developing States (SIDS) will benefit most of all if they adopt renewable energy sources rather than fossil fuels.”

Stressing that the import of fossil fuels now amounts to some 8 per cent of their Gross Domestic Product (GDP).

“Many SIDS are also extremely vulnerable to the effects of climate change. SIDS possesses ample renewable energy sources and renewable technologies can meet most of their domestic energy needs.

“The shift would cut import bills, promote sustainable development, and increase their resilience.

“International cooperation to support SIDS’ renewable energy ambitions are growing substantially and 13 SIDS have established 60-100 per cent renewable electricity targets.

Nenye Dom/Editor

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