Against the backdrop of the climate change crisis and calls for less dependence on fossil fuel and hydrocarbon, the House of Representatives on Wednesday mandated its relevant committees to work with stakeholders to provide a 10-year framework for the utilization of current resources towards developing other sectors.
The Committees mandated are Climate Change, Gas Resources, Environment, Petroleum Resources (Upstream), Solid Minerals and they are to report back within 12 weeks for further legislative action.
This followed the adoption of a motion on the “Need to Create an Economic Revenue Road Map for the Future of Nigeria” by Hon. Dennis Idahosa at the plenary session
The House noted that the 26th meeting of the Conference Parties to the UN Framework Convention on Climate Change (UNCOP26) focusing on addressing the climate crisis in decades ahead was held in Glasgow from 31st October to 12th November 2021.
The House said it was aware that a resolution was passed at UNCOP26 2021 Summit in Glasgow on the 12th of November 2021 to phase down Fossil Fuel ‘COAL’ to limit global warming to 1.5 degrees Celsius compared to pre-industrial levels.
It also noted that parties to the Paris Agreement adopted at COP21 in Paris on 12th December 2015, entering into force on the 4th November 2016 are expected to transit from fossil fuel to clean energy and reach a Net Zero ambition for greenhouse gases emission.
The House recognized that the oil and gas sector is Nigeria’s biggest revenue-generating sector accounting for over 65% of the country’s total revenue with a production capacity of 25 million barrels per day.
It said it was aware that all over the world and with the advent of rapid technological advancement, the need for Fossil Fuels and hydrocarbons is declining, some countries like Sweden, China, Costa Rica, Nicaragua, and many others are taking actions that will lead to complete dependence on renewable energy soon.
It was concerned that following the recent resolution by all major countries at the UNCOP26 2021 Summit, countries like Nigeria, which depend mainly on hydrocarbon and Fossil Fuels for revenue and survival, will be the worst hit unless careful and intentional precautions are taken to secure the future of Nigeria.
It worried that Nigeria has come up with futuristic plans in the past like the Vision 20:2020 plan and the desired result was not fully achieved.
The House said it was also aware that Nigeria has numerous potential sources of revenue, and if attention is not placed on them early, it will be of no benefit to citizens and the nation at large.
The House said the President while delivering his statement at the COP26 Leaders Summit further emphasized that for Nigeria, climate change is not about the perils of tomorrow but what is happening today and pledged that Nigeria would cut its emissions to net-zero by 2060.
The House noted the President had recently stated from an “expert source” that the viability of fossil fuels and hydrocarbons is speculated to last for another 20 years which gives the nation time to utilize and redirect the resources gained from oil and gas towards the development of other sectors of the economy for the overall benefit of the nation.
The motion was unanimously supported by the lawmakers when it was put into voice vote by Deputy Speaker Hon Idris Wase who presided over the Plenary session.
The Committee on Legislative Compliance was mandated to ensure strict compliance.
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