The House of Representatives, on Wednesday, unveiled plans to interface with policymakers and relevant stakeholders with a view to develop 10-year framework for the diversification of the Nigerian economy, especially in the areas of Environment, Petroleum Resources (Upstream), Solid Minerals.
The resolution was passed sequel to the adoption of a motion sponsored by Hon Dennis Idahosa.
In his lead debate, Hon Idahosa acknowledged that the 26 meeting of the Conference Parties to the UN Framework Convention on Climate Change (UNCOP26) which focused on addressing the climate crisis in decades ahead was held in Glasgow from 31 October to November 12, 2021.
“The House is aware that a resolution was passed at UNCOP26 2021 Summit in Glasgow on the 12 November 2021 to phase down Fossil Fuel ‘COAL’ to limit global warming to 1.5 degrees Celsius compared to pre-industrial levels.
“The House also notes that Parties to the Paris Agreement adopted at COP21 in Paris on 12 December 2015, entering into force on the 4 November 2016 are expected to transit from Fossil Fuel to clean energy and reach a Net Zero ambition for greenhouse gases emission.
“The House recognizes that the oil and gas sector is Nigeria’s biggest revenue-generating sector accounting for over 65 per cent of the country’s total revenue with a production capacity of 25 million barrels per day.
“The House is also 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.
“The House is 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 except unless careful and intentional precautions are taken to secure the future of Nigeria.
“The House worried that Nigeria has come up with futuristic plans in the past like Vision 20:2020 plan and the desired result was not fully achieved.
“The House is aware that Nigeria have 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 is aware that 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 further notes that 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,” he noted.
To this end, the House mandated the joint Committees on Climate Change, Gas Resources, Environment, Petroleum Resources (Upstream), Solid Minerals to liaise with relevant stakeholders with the mandate of providing a 10-year framework for the utilization of current resources towards developing other sectors and report back within 12 weeks for further legislative action.
The House also mandated its Committee on Legislative Compliance to ensure compliance.
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