According to President Bola Tinubu, his administration is committed to stopping gas-flaring domestically in accordance with the international effort to stop methane emissions.
He made the statement on Saturday at the methane and other non-greenhouse gas summit being held in Dubai, United Arab Emirates (UAE) as part of the ongoing United Nations Climate Conference (COP28).
Nigeria has already enforced severe penalties for defaulters, according to the President, who shared the podium with Dr. Sultan Ahmed al-Jabar, the President of COP28, US Special Envoy on Climate Change John Kerry, and Chinese Envoy on Climate Change Xie Zhenhue.
The President expressed his appreciation for the host nation’s leadership in the fight to cut greenhouse gas emissions and acknowledged that participants would need to pledge to keep the global temperature increase to 1.5C by the end of the century.
“As we sit here in this room, I know that we have to dedicate ourselves,” he remarked. Prior to today, we were doing this. By making sure gas flaring is eradicated, we are dedicated to taking vital actions to lower methane emissions. For that, there is a severe penalty. There is also a great deal of motivation to do so.
Without a question, the actions performed here represent a positive step. I support the UAE’s leadership for their up to this point of dedication.
“Gas export, internal use, and export to foreign nations are all being consolidated. I promise to work with you to advance the goal of achieving sustainable energy.
“We supply cooking gas to our sizable population and are dedicated to a mixed energy mix. That is what we will keep doing.
“The lowering of methane has our approval. We intend to utilise cutting-edge technology and trust that the UAE, the two superpowers, and other countries will be able to assist us.
President Tinubu emphasised the urgent need for the environment to heal while pointing out that the two economies with the largest GDPs in the world, the US and China, are the primary contributors to greenhouse emissions.
He expressed happiness that both nations were represented at the summit, but he also stated, “What I know about Africa is the fact that de-risking in additional investment and technological know-how is very necessary and the largest economies that have benefited immensely should do more real fast because the earth needs more attention and healing.”
In his earlier speech, Sultan al-Jabar emphasised that the current efforts demonstrate that limiting the earth’s temperature is a feasible goal.
He noted that if all the countries put in the required effort and coordination, they could eliminate all CO2 emissions.
John Kerry declared during his speech that since the COP27 in Sharm el-Sheikh, Egypt, more over $1 billion in new grant financing had been raised.
The fact that additional nations have endorsed the methane commitment made him happy.
He declared: “The United States finalised regulations to drastically cut methane emissions from oil and gas activities earlier today. And such initiatives will result in a decrease of about 80%, along with the planning of a regulation review.
The United States of America is preparing to examine its regulations pertaining to landfill methane emission standards. A global methane promise was started in Glasgow two years ago by the US and the EU, and 100 countries joined.
We managed to expand the list of endorsements to 150 nations during COP 27 in Sharm el-Sheikh. And it gives me great pleasure to announce today the endorsements of Angola, Kenya, and Romania for a new global methane promise. And I’m especially happy that Kosovo President Costco is here today to join, and Turkmenistan Kazakhstan joined yesterday. We are striving to implement the commitment itself.
“We are working with our partners to build national methane action plans in over 86 countries, accounting for well over half of emissions. In addition, we are announcing interesting new collaborations and projects like reducing methane or organic waste to help several international national trash reduction campaigns.
“And President Biden introduced the methane financing sprint at the major economies meeting he attended at the White House in April 2023 to help support this country’s efforts, my friends.
The intention behind that was to raise $200 million to support our future.
“Well, I’m happy to report that the goal was much surpassed by the US, the EU, other countries, philanthropies, and the commercial sector. Together, we have also raised over $1 billion in new methane grant financing since COP27, more than tripling the amount of cash that was previously allocated each year for this purpose.
The score will subsequently be used to inform project investment. These monies will also be used to support the reduction of methane emissions in all sectors, with an emphasis on low- and middle-income nations.
“We have some oil and gas companies that have stepped up and chosen to take a leadership role in helping to deal with this job on a local basis as part of this effort, my friends.”
The Chinese Envoy stated that although his nation is committed to reduce greenhouse gas emissions, it lacks the necessary resources.
