Fuel Subsidy: Shettima – Nigeria to prevent 15m tons of carbon dioxide emissions

Fuel Subsidy: Shettima – Nigeria to prevent 15m tons of carbon dioxide emissions

Vice President Kashim Shettima on Tuesday said with the fuel subsidy removal, Nigeria is projected to prevent over 15 million tons of carbon dioxide emissions in one year.

Shettima said this at the one-day workshop organised by the National Council on Climate Change with the theme “Unpacking the outcomes of the fifty-eight sessions of the subsidiary bodies of the United Nations framework convention on climate change,” organised by the National Council on Climate Change.

Shettima, who was represented by his Deputy Chief of Staff, Senator Ibrahim Hassan, noted that Nigeria is on course to achieving the nationally determined contribution targets.

“At the onset of this administration, President Bola Ahmed Tinubu took the bold step to bring to an end petrol subsidy. Preliminary analysis conducted by the National Council on Climate Change on the co-benefits of fuel subsidy removal indicates that there has been about 30 per cent reduction in daily fuel consumption, amounting to about 20 million liters, equivalent to an estimated daily saving of 42,800 tons of carbon dioxide emissions.

“When projected over a period of one year, it amounts to over 15 million tons of CO2e saved, representing about 40 per cent Greenhouse Gas reduction from the baseline projection of 45 million metric tons of total GHG carbon dioxide equivalent by 2030. This places Nigeria on course to achieving our NDC targets ahead of time.

“The UNFCCC SB58 which was held in Bonn last June, I am told, is a very important and pivotal event in the UNFCCC Climate Change calendar and Nigeria was well represented at this event. It served as technical sessions to guide and support Parties towards achieving robust outcomes at the twenty-eighth session of the Conference of the Parties holding in the United Arab Emirates later this year,” he said.

Shettima noted that the expectations for COP28 will include increased climate action on many fronts, particularly increased and available climate finance.

The vice president noted with concern, the lack of progress on the mobilisation of the $100b meant for adaptation financing by 2020 pledged by Western countries since 2009 at COP15, noting that the Loss and Damage agreement which provided hope for many low-income countries bearing the brunt of climate change must be finalised.

Speaking further, he said, “Our intention is to lead the ECOWAS sub-region by example, leveraging on our accomplishments in championing the cause for regional climate actions at every international forum held over the years. The 2023 Africa Climate Week and Africa Climate Summit, both to hold next month in Nairobi, Kenya, will provide platforms to reiterate the call for continued partnership, unity, cooperation and genuine collective efforts towards tackling the challenges of climate change. Our shared destiny as a global community is ultimately dependent on the successes we are able to achieve together.”

He said that the NCCC is in discussions with the Green Climate Fund, the Nigeria Sovereign Investment Authority, the Infrastructure Corporation of Nigeria Ltd, the Ministry of Finance Incorporated, the KfW Development Bank, and other relevant partners, to accelerate the mobilisation of additional financing and support for Nigeria’s climate actions.

In his welcome address, the Director General of the NCCC, Dr Salisu Dahiru said, there is a need for Nigeria to prepare adequately for COP28 and other statutory meetings.

“This workshop is necessary so that we can analyse the outcomes of that meeting and to prepare what will be the key priority areas of interest for Nigeria and plot the necessary strategies to negotiate and ensure that we get those issues included in the agreement that will emerge.

“This gathering is the first major gathering that will be coordinated by the council with the view towards what will be the ideal presentation that Nigeria will make during the COP28.”

Dr Dahiru said climate change is critical for the development of the country, hence the need for support and guidance from the government.