As nations commit to healthy, thriving oceans and seas free from plastic pollution, Nigeria on Friday, June 8, 2018 joined the Clean Seas campaign. An initiative of the UN Environment, Clean Seas is considered the largest global compact for combatting marine litter, with commitments from 51 nations covering 62% of the world’s coastlines.

Visiting Executive Director of the UN Environment, Erik Solheim, met on the World Ocean Day in Abuja with Environment Minister of State, Mallam Ibrahim Usman Jibril, wherein the scope of Nigeria’s collaboration with Clean Seas was discussed.

“There is now more momentum than ever before to beat plastic pollution and protect the oceans that we all share from the tide of disposable plastic,” Solheim said. “Seeing so many countries rise to the occasion by joining the Clean Seas campaign means we are all moving towards healthier oceans that are free from pollution and full of life.”

Nigeria is currently in the UN’s list of top-10 of biggest plastic polluters, even as 26 major plastic waste recycling plants will be opened as part of the country’s commitment to the campaign.

Jibril said: “Nigeria is developing a national plastic waste recycling programme, as well as establishing plastic waste recycling plants across the country in partnership with state governments. At present, a total of eight plants have been completed and handed over to the states while 18 others are at various stages of completion. The Federal Government is also collaborating with state governments to establish plastic waste recycling plants under the community-based waste management programme in the ministry.

“Two plants have been completed in Ilorin, Kwara State, one in Lokoja, Kogi State, while work on another is ongoing in Karu Local Government Area of Nasarawa State. The plants are located at Bola Jari in Gombe State and Leda Jari in Kano State. The establishment of the plants would assist to turn waste to wealth and ensure the sustainability of the environment.”

Now fewer than eight new countries had joined the Clean Seas Campaign in the past week.

India – which joined the campaign on June 5, the World Environment Day – made a bold commitment to address plastic pollution upstream by banning all single-use plastics by 2022. The country further pledged to address the problem downstream, with its full coastal audit, developed in partnership with the Clean Seas campaign.

Other countries who pledged this week to step up their protection of the ocean and their coastlines include Argentina, Cote d’Ivoire, United Arab Emirates, Honduras, Guyana and Vanuatu.

In Abuja, Solheim during the visit disclosed that the UN Environment would support Nigeria’s waste management initiatives aimed at reducing, reusing and recycling plastics in the country.

He expressed happiness over the way the private sector in the waste management sector organised itself to provide technical solutions for effective collection and recycling of bottles in the country.

The director said that beverages companies should devise ways to ensure that consumers return the used bottles to prevent littering the environment.

He also urged the Federal Government to fast-track the clean-up of oil spill in Ogoni land.

Solheim, who recalled that the UNEP report on Ogoni clean-up was launched by former President Olusegun Obasanjo led administration, noted that people were interested to see physical development in the land.

He added that $1 billion counterpart fund set aside by the UN would have addressed the clean-up project if Nigeria showed the commitment by contributing its own fund.

Earlier, Jibril said that the Federal Government, oil companies and other relevant stakeholders in the oil sector had opened explorer account for the Ogoni clean-up project.

He said that, by this week, money would begin to go into the account, adding that out of 400 contractors that bided for the project, 150 were pre-qualified.

The minister said that every section of the country had its own environmental challenges, and that the government, in partnership with relevant stakeholders, was addressing the problems in all the six geopolitical zones of the country.

After Nigeria, Solheim would be visiting Benin, Togo, Ghana and Sierra Leone in the bid to explore how the UN body can strengthen cooperation with these countries.

According to a report by FTSE Russell, a key provider of stock market indices and associated data, the green economy is now worth as much as the fossil fuel sector and offers more significant and safe investment opportunities, pointing towards even more significant growth in the future.

The green economy is defined as an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment.

The green economy is also characterised by being efficient, clean, circular, collaborative and low carbon. It is thus said to be central to achieving the key objective of the Paris Agreement on climate action.

Presently, the green economy is worth as much as the fossil fuel sector with 6% of the global stock market, roughly $4 trillion, coming from the clean energy, energy efficiency, water, waste and pollution services.

If the sustainable economy maintains its current course, it could represent as much as 10% of the global market value by 2030, assuming around $90 trillion in green investment have been made by then.

FTSE Russel found that, over the last five years, green companies generated higher returns than the broader stock market. The report finds large investment opportunity, backed by global efforts to combat climate change and broader environmental challenges.

“Climate change is the death of progress and prosperity. Doing nothing about it is simply a bad investment in the future,” said UN Climate Chief, Patricia Espinosa, in a message to the World Manufacturing Convention in China earlier this year. “The shape of the new economy is clear: it’s clean, green and prosperous, and I encourage all of you to get on board,” she added.

The FTSE Russel report finds the green economy has spread across companies of various size, nature, and geographical range in contrast to fossil fuels which has shrunk. Still, more work is required to keep the global economy on track to meet the Paris agreement goals.

The report analyses a broad range of products and services from different sectors. Findings were based on the impact of these factors on climate change mitigation and adaptation, water, resource use, pollution, and agricultural efficiency.

In terms of diversification, large companies lead the way by representing roughly two-thirds of the total green market value. Similarly, small and medium sized firms now represent a larger number of green companies.

The energy industry, a very diverse segment ranging from building insulation to cloud technology, makes up more than half of the green economy with food, agriculture, water and transport being other important sectors.

Specifically, the build-up of cloud infrastructure technology is a focus for industry leaders such as Microsoft and Amazon. According to a recent Accenture report, companies can reduce carbon emissions by up to 90% by switching to cloud computing technology.

Alternative energy also plays a significant role in with rapidly growing and diversifying solar and more established technologies, such as large hydroelectric. Resources such as lithium for batteries, lightweight materials, organic foods or seeds developed to boost agricultural yields are also a key area of the green economy.

Moreover, the study found approximately 3,000 globally listed companies with exposure to the green economy. This number has risen by approximately 20% since 2009 and covers 30% of global, listed market value.

The largest companies in the green economy are a mix of both companies where the majority of their revenue is green, such as Tesla or Waste Management Inc, and large companies where a segment is green, such as Microsoft or Siemens.

The report allows investors to understand their interactions with the green economy while developing investment strategies by quantitatively measuring the world’s transition to sustainability.

Transformational decarbonisation is happening across the world in all sectors resulting from technological innovation, new and creative policies and political will at all levels.

The Global Climate Action Summit, which will take place from September 12-14, 2018 in California, is considered the next big opportunity for businesses to provide confidence to governments to “step up” ambition to achieve the goals of the Paris Agreement. The world expects a further strengthening of the green economy at the event.