‘Oil & Gas Investments Won’t Make Africa Net Contributor to Global Emissions’

The federal government has reaffirmed its commitment to creating an enabling environment for hydrocarbon investments to address energy poverty, emphasising that Africa is not a net contributor to global emissions.

Special Adviser to President Bola Ahmed Tinubu on Energy, Olu Verheijen, stated this during a session at CERAWeek by S&P Global with the theme: Policy and People: Pathways to a Just Transition.

The session, which was chaired by Head of Market Report & Trading Solutions at S&P Global, Vera Blei, featured key speakers including CEO of Tinker Energy Association, Scott Tinker and Director-General, Centre for Science and Environment, Sunita Narain.

On Africa’s role in global emissions, Veheijen, who said Nigeria and other African and middle-income countries, continue to canvass a just energy transition amid the global push for net-zero emissions, maintained that under its “Decade of Gas.” initiative, the Nigerian government has adopted natural gas as a transition fuel to support economic growth, while reducing carbon emissions.

Verheijen noted that Africa and other low-income countries contribute only about 3-4 per cent of global greenhouse gas emissions, compared to China and the United States, which account for approximately 30 percent and 13 percent of global CO2 emissions. Together, both countries are responsible for nearly 40 percent of global emissions.

Assuring that the government remains focused on creating an attractive investment environment, she stressed that Nigeria’s commitment to fostering a stable investment climate and addressing climate-related risks through clear and transparent policies, was not in doubt.

“In Nigeria, we will continue to ensure that we create an enabling environment for investments. On climate change, we recognize the importance of risk perception in our markets and are committed to transparent policies that stand the test of time, enabling the deployment of capital,” she stated.

She also underscored the need for greater regional integration to attract capital and enhance market efficiency, adding: “We need to strengthen economic integration across African nations to create a larger, more attractive market for investment. By pooling resources, integrating markets, and leveraging collaboration across the continent and regional blocs, we can drive sustainable development.”

Verheijen, who also made a case for data-driven policy for sustainable growth, stressed the importance of better data collection and analysis in Africa to support informed decision-making and policy development.

“Even if Africa experiences exponential economic growth and reaches middle-income status, the continent will still not be a major contributor to global emissions. The bulk of emission reductions will have to come from developed nations, which must diversify their energy sources and invest heavily in carbon removal and reduction technologies,” Verheijen  said.

She further noted that a balanced approach is necessary to ensure that developing economies can utilize their natural resources to drive prosperity, while also adopting climate solutions that enhance adaptability and sustainability.

Through strategic investments and policy reforms, Nigeria and the broader African continent aim to bridge energy poverty, attract investment, and contribute to a more sustainable global energy transition.