Nigeria leads in gas emission reduction campaign
Nigeria is on the verge of taking the lead as Africa's highest contributor to the global greenhouse gas emission
According to statistics given by Victor Fodake, Head of Climate Change Unit of the Federal Ministry of Environment, at a media briefing on World Environment Day in Abuja, Nigeria has through the gas gathering projects being executed by two oil companies, Pan-Ocean and Addax, been able to earn EUR 560 mm ($ 795 mm).
He said the projects, which is part of the country's effort in furtherance of the global Clean Development Mechanism
(CDM) program, will push Nigeria up by 40 % in certified emission reduction, ahead of South Africa's 20 % in carbon
"We have projects in the oil sector that are focusing on low gas emission and the clean development mechanism," he said. "Pan Ocean Gas utilization project in the Niger Delta captures 2.6 mm tons of gas amounting to EUR 260 mm while Addax Oil is a implementing a gas gathering project that would rake in EUR 300 mm," he added.
According to him, Nigeria had been lagging behind in the world lucrative carbon trade market estimated to have hit $
40 bn, owing to some basic factors such as ignorance and high cost of requisite technology.
Meanwhile, the Minister of Environment John Odey said in Abuja ahead of the World Environment Day that the government is currently focusing on implementation of the Clean Development Mechanism (CDM) projects and other climate friendly projects, to address the threat of climate change both in terms of mitigation and adaptation. Odey said most of the projects were executed on public-private- partnership basis, adding that some of the big banking institutions had indicated interest in some of the CDM projects, ranging from afforestation and forest degradation programs to capturing of associated gas in the course of petroleum exploration.