Oando Clean Energy Limited (OCEL), a renewable energy business subsidiary of Oando Energy Resources, has pointed out that African nations contribute only 3 percent to greenhouse gas emissions. OCEL affirms that the continent has also been affected disproportionately by the adverse impact of greenhouse gas emissions, losing between $7 billion and $15 billion annually to climate change. In addition, it stated that by 2050, climate change crises would ravage additional 78 million people, half of the people on the continent with chronic hunger.
A report revealed that the company had ratified its commitment to conjoin with other parties in the global community with the commencement of the 27th United Nations Climate Change Conference (COP27) themed ‘Delivering for People and the Planet’ scheduled to be held in Sharm El Sheik, Egypt, in an attempt to address climate change and other issues. The event will host more than 45,000 registered COP27 participants representing Parties, the United Nations (UN), and regional.
Africa’s loss is projected to boost to 50 billion dollars by 2030.
It also encompasses other parties such as the non-governmental and intergovernmental organizations, businesses, scientific community, local communities, as well as civil society to collectively enhance and expedite the implementation of climate action and follow up on collective commitments and pledges. Tagged Africa’s COP, the event reiterates that Africa is no stranger to the disproportionate impact of climate change as the continent continues to suffer from its consequences induced by the low contribution of the continent on green gas emissions.
Presently, Africa loses between $7 billion and $15 billion annually to climate change. Also, Akinwumi Adesina, President of the African Development Bank, said the continent’s loss will boost up to 50 billion dollars by 2030 if there is no change to the circumstance. Reports show that last year, Madagascar became the first country on earth to suffer a famine attributed mainly to the impact of climate change. The increasing climate change adverse in Africa portrays the event being hosted by Egypt as a significant and incredibly essential event for Africa and the rest of the world.
OCEL joins other major players to show Africa’s sustainability initiatives.
Nigeria, as Africa’s largest economy and most populous nation, will be actively participating at the COP27 with the Minister of Environment, Mohammed H. Abdullahi, amongst other Nigerian stakeholders scheduled to be present at the event. In the private sector, Oando Clean Energy Limited (OCEL), the renewable energy subsidiary of Oando PLC, will also be present at the event. Recall that at COP26 in Glasgow, President Muhammadu Buhari pledged that Nigeria would reach net zero carbon emissions by 2060. Part of the discourse this year will be reviewing where countries are in relation to the commitments they made in 2021.
It is said that OCEL will join key renewable players across the African public and private sectors to reiterate the continent’s role in supporting global targets and creating a more sustainable future. In collaboration with the Federal Ministry of Environment, Ministry of Niger Delta Affairs, National Council on Climate Change (NCCC), Renewable Energy Association of Nigeria (REAN), and Stratus Consult Limited, OCEL will spearhead two dialogues at the Nigeria Pavilion. With the first dialogue themed’ Decarbonizing an Oil-rich Region: A Case for the Niger Delta, Nigeria’ was held on Thursday.
The events were intended to show the company’s contributions.
Also, the second dialogue themed ‘Achieving Nigeria’s Net Zero Target: A Public-Private Partnership’ was held on Friday. These events were intended to reveal the company’s contribution to ensuring renewable energy in Nigeria and the importance of Public Private Partnerships in enabling the nation to actualize its industrialization goals whilst supporting the achievement of global climate change ambitions. Notably, the COP27 event to be held in Egypt should be one to embark on and implement action on ambition, as declared earlier at the COP26 held in Glasgow.