Vice President Kashim Shettima highlighted on Tuesday that the removal of fuel subsidy in Nigeria is anticipated to lead to the prevention of over 15 million tons of carbon dioxide emissions within a year.
Shettima conveyed this information during a one-day workshop organized by the National Council on Climate Change. The workshop, titled “Unpacking the outcomes of the fifty-eight sessions of the subsidiary bodies of the United Nations framework convention on climate change,” aimed to discuss climate-related matters.
Represented by Senator Ibrahim Hassan, his Deputy Chief of Staff, Shettima underlined Nigeria’s progress towards achieving its nationally determined contribution (NDC) targets.
“At the beginning of this administration, President Bola Ahmed Tinubu took the bold step to end the petrol subsidy. Preliminary analysis from the National Council on Climate Change on the co-benefits of fuel subsidy removal suggests a 30% reduction in daily fuel consumption, equivalent to around 20 million liters, resulting in an estimated daily saving of 42,800 tons of carbon dioxide emissions.”
“When projected over a year, this amounts to over 15 million tons of CO2e saved, about a 40% reduction in Greenhouse Gas emissions compared to the baseline projection of 45 million metric tons of total GHG carbon dioxide equivalent by 2030. This places Nigeria ahead of schedule in achieving our NDC targets,” he explained.
Shettima also noted that Nigeria participated significantly in the UNFCCC SB58 event held in Bonn in June. This event served as technical sessions to guide and support nations in preparation for the twenty-eighth session of the Conference of the Parties (COP28) scheduled in the United Arab Emirates later this year.
Shettima expressed concerns about the lack of progress in mobilizing the $100 billion meant for adaptation financing by 2020, pledged by Western countries since COP15 in 2009. He emphasized the importance of finalizing the Loss and Damage agreement, which offers hope to low-income countries dealing with the consequences of climate change.
Furthermore, he emphasized Nigeria’s intention to lead the ECOWAS sub-region through its climate initiatives. The upcoming 2023 Africa Climate Week and Africa Climate Summit in Nairobi, Kenya, will provide platforms to reinforce the call for partnership and collaboration to address climate change challenges.
Shettima concluded by stating that the National Council on Climate Change is working closely with partners such as the Green Climate Fund, the Nigeria Sovereign Investment Authority, the Infrastructure Corporation of Nigeria Ltd, and the KfW Development Bank to accelerate the mobilization of additional financing and support for Nigeria’s climate initiatives.
The provided information is intended for general awareness and may not be entirely accurate or up-to-date. The post disclaims any warranties regarding the completeness, accuracy, or reliability of the content, services, or graphics on the website. It advises caution when using the information for any purpose.