Nigeria needs to put climate change high on our agenda once the immediate crisis has passed. And we should rapidly scale up support to various States with policy advice, financial resources, and a platform for joint action.
Policymakers across the globe are rightly focusing on protecting public health, stabilizing economies, and helping those whose livelihoods are at stake. But if recovery from the crisis is to be sustainable—if our world is to become more resilient—we must do everything in our power to promote a “green recovery
.Let me emphasizing that the time to act, especially with lower oil prices, The decisions we take now will shape economies and the global system for decades.
We all collectively must, set a high bar that should galvanize action across three tiers of Government both at Federal level, State and local government
Green hydrogen is a beacon of hope in the energy transition, both as a carbon-free fuel for industry and transportation, and as a key raw material for the chemical industry, the pandemic is expected to cause the largest reduction in annual CO2 emissions ever recorded, with factories shuttered and mobility greatly reduced. Calls for a “green recovery”, our plan must focus not only on supporting corona-virus recovery, but also “investing in our future” via the European Green Deal, which the commission says should become a “job-creating engine”. Even as emissions rebound as countries take tentative steps towards normality, the longer-term shape of the recovery remains in the hands of policymakers, who will decide which industries deserve taxpayer support rather than the reduction in emissions this year – which will have a negligible impact on atmospheric CO2 levels and warming – it is this longer-term trajectory that matters most.
Stimulus measures
Governments are also reaching for a range of tax and regulatory levers in their efforts to stimulate the economy, whether lifting restrictions on renewable capacity, re-balancing car tax incentives, giving tax relief to oil firms or moving to ease other environmental rules in the name of stimulus.
Globally, government stimulate had already reached “$15tn and counting” by early May, according to Reuters. In early June, Bloomberg put the total at $12tn, of which it said less than 0.2% had been targeted towards climate priorities,In many countries, governments are now looking towards recovery as the pandemic’s first wave slowly recedes, with plans for economic stimulus worth dollars, yet as economies pick up pace, emissions are beginning to rebound. And huge stimulus plans will have consequences for CO2 emissions, even if they do not explicitly target climate change.
Carbon Brief must tracking the measures proposed, agreed and implemented by major economies around the world. The tracker will be updated over time and will include stimulus measures that have a direct bearing on climate change or energy
The IMF recent suggestions for ways in which countries can “green the recovery.” Let me highlight some key priorities.
First—develop a new, ambitious, medium-term climate plan for the UN Climate Change Conference next year. The EU is in the vanguard here by setting ambitious targets in the Green Deal.
Second—use public support wisely, for example: Green investment could be prioritized—in fact, the IMF estimates that transitioning to a low-carbon world requires $2.3 trillion in clean energy investment each year.
[ii] Financial lifelines to carbon-intensive companies, could be conditional on commitments to reduce carbon emissions.
Third—put the right price on carbon. This would direct new investment toward low carbon technologies and contribute to now-enhanced revenue needs. Existing carbon taxes and emissions trading schemes are not strong enough to change behavior as needed—the average price they impose on carbon is only $2 per ton, but measures equivalent to a global carbon price of at least $75 per ton by 2030 will be needed to keep global warming under 2 degrees Celsius.
Fourth—promote green finance. Targeted guarantees can mobilize private finance for green investment. Banks receiving public support could be mandated to better disclose climate risks in their lending and investment portfolios. And we need to find better ways of pricing in climate risk—IMF analysis
[iii] underscores that climate-related disasters have so far had little effect on equity markets.
Fifth—promote a just transition. That means assisting vulnerable households, workers, regions, and trade-exposed or fuel producing firms. And using carbon pricing revenues in broad tax reductions or public investments that boost growth and benefit all households.
Sixth—coordinate with others. To stabilize the climate system, we need to go well beyond the Paris Accord. One way to do this, as we proposed in our Fiscal Monitor published last October
,[iv] is to complement the Paris commitments with a carbon price floor arrangement among major stakeholders. One way or the other, we strongly believe that all countries need to work together to scale up global mitigation in an equitable and effective manner.
Nigeria in perspectives
Agriculture
Federal government need to specifically provide budget-line in their Agricultural fund scheme for Rural development given specific role for farmer in Green transition across the States/ local government cutting across the six geopolitical region including Abuja Federal capital territories
Building infrastructure-
Energy efficiency
MNC,SMES- are required to meet the following critical requirements s
- Provide fund for Co2 focusing on building renovation programme
- Establish regulatory frame work for green recovery
- Establish green transformation of their living infrastructure
- Facilitate strategic investment facility with focus on renewable as technologies-clean hydrogen, batteries, carbon capture, storage and sustaining energy
Federal government to formulate National hydrogen strategy back by investment in domestic hydrogen production transport , adopting German technology across the States with geographical resources for cheap production in support of transport option
NERC- must as a matter of urgency cut levy rather than promoting increase and creating enabling environment for renewable energy through Hydrogen production plant and impose huge energy levy on energy production associated with Co2 emmision (Diesel energy driven generators)
Federal government to provide boost for transition to alleviate social-economic impact of transition and facilitate public sector loan facility for the private sector who will act as pillar of the transition mechanism
Conclusion
Energy expert, leading, Industrialists, technocrats and the Elites are among those calling for a “green recovery” that “builds back better”, by cutting CO2 emissions as well as boosting the economy
For further clarification-please call
Kenny Odugbemi-08032002585
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