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Opposition grows as South Africa, France protest TotalEnergies offshore oil and gas projects

During the week of TotalEnergies’ Annual General Meeting (AGM) held on Friday, May 24, 2024, and Africa Day, protesters in both South Africa and France continued voicing their collective opposition to the multinationals’ ongoing offshore oil and gas projects.

TotalEnergies
The Green Connection’s Liz McDaid and Lisa Makaula (on left) are in France with Darlin McQuin, an activist from a fisher family in Doringbaai on the West Coast and Sifiso Ntsunguzi, a small-scale fisher from Port St John’s in the Eastern Cape – calling for a halt to fossil fuel expansion

The Green Connection (South Africa) and Bloom (France) – civil society organisations working with small-scale fishers and others to create widespread awareness of the harm caused by such projects – say these protests aim to reiterate the urgent need for a just energy transition, to move away from fossil fuels that exacerbate climate change.

Coinciding with TotalEnergies’ AGM in Paris, these protests aim to emphasise that while the company may be toasting to 100 years of operation and profits, this centenary is no cause for celebration.

Instead, it represents a century of the company’s contribution to climate change and environmental degradation, through its relentless oil and gas exploration and extraction. The protesters call attention to the 2023 Intergovernmental Panel on Climate Change (IPCC) report, which  highlights the severe impacts of human activities on weather patterns and the environment, emphasizing that climate change particularly affects those least responsible for the crisis.

Global Call for Climate Justice

Currently in France, The Green Connection’s Strategic Lead Liziwe McDaid says, “TotalEnergies has been around for 100 years, and in our view, there is a climate crisis requiring immediate climate justice. Companies like TotalEnergies must be held accountable and cannot continue prioritising profits over people and the planet. This is why we are also driving our StopTEEPSA campaign in South Africa because now is the time for companies like TotalEnergies to move away from oil and gas, rather than continuing operations that could totally destroy our oceans.”

Claire Nouvian of Bloom echoed this sentiment, adding, “The past decisions of TotalEnergies’ board of directors and main shareholders have proven that those with financial interests in environmental destruction are not fit to make responsible decisions. We must stop climate criminals – it has become a question of life or death.”

The Green Connection’s Advocacy Officer, Lisa Makaula, says, “Today, we are outside TotalEnergies’ AGM. We came all the way from South Africa, Cape Town to raise concerns about TotalEnergies exploration projects in South Africa. To call on them to move away from fossil fuels, particularly oil and gas exploration, which could possibly threaten the environment and the coastal livelihoods that depend on the ocean. We are here with multiple organisations to support StopEACOP and to support the criminal challenge against TotalEnergies – launched by Bloom, Santé Planétaire, Nuestro Futuro and victims of climate change. TotalEnergies must shift their resources and revenue to renewable projects, now.”

Protests in South Africa

In South Africa, protests demonstrating widespread opposition of further oil and gas exploitation have erupted throughout May. In South Africa, small-scale fishers and activists are calling out both TotalEnergies and Shell, with Shell still trying to exploit the Wild Coast. The appeal of the historic judgment secured by the Wild Coast Communities took place on Friday, May 17. Coastal communities in multiple provinces have rallied against these companies, for their potential to harm the environment and the livelihoods of those who depend on it. This wave of activism highlights the need for the South African government to pivot towards renewable, sustainable, and affordable energy solutions.

The Green Connection’s Community Mobilisation Officer, Warren Blouw, stresses the economic stakes, saying: “TotalEnergies and other oil and gas companies must consider the livelihoods of small-scale fishers, whose economic wellbeing is jeopardised by offshore oil and gas exploration. We must unite to protect Africa and its resources from those who only seek profit, at the cost of regular South Africans.”

Zinhle Mthiyane of the South Durban Community Environmental Alliance emphasised the local impact. She says, “We are protesting to protect the environment and prevent ocean pollution. Drilling for oil and gas in South African waters could degrade the environment, threatening livelihoods, and cultural practices.”

Voices from the Frontlines

Community members and activists have travelled to France to show their support for Bloom’s criminal complaint against TotalEnergies. Sifiso Ntsunguzi, a small-scale fisher from Port St John’s in the Eastern Cape, and Darlin McQuin, an activist from a fisher family in Doringbaai on the West Coast, are among those calling for a halt to fossil fuel expansion.

McQuin says, “Many of our people’s livelihood come from the sea. The sea is what we know. I am in France to voice out the concerns of the small-scale fishers in my community, to advocate to stop TotalEnergies. We do not want oil and gas exploration in South Africa. We don’t want TotalEnergies in South Africa.”

Ntsunguzi says, “We are in Paris to support the court case against TotalEnergies oil and gas projects. As a small-scale fisher and member of a coastal community, I do not support the exploration of oil and gas in the ocean. We use the ocean for cultural practices and a means to sustain our livelihood. We are against exploration of gas and oil, as it may risk degradation of environment and marine ecosystems, our livelihood and our health. I come from a fishing community and have become a fisher myself.”

Political Implications

With South Africa’s national elections just a week away, these protests also serve as a clarion call to voters. Electing leaders committed to environmental protection is crucial for ensuring the wellbeing of present and future generations. The Green Connection’s Community Outreach Coordinator Neville van Rooy says, “We do not agree that a French oil company should plunder our ocean, threatening the livelihoods of small-scale fishers. Our government must take its commitment to the Paris Agreement seriously.”

Meanwhile, Patrick Pouyanné was reappointed as Chairman and CEO and Jacques Aschenbroich confirmed as Lead Independent Director at the Combined Shareholders’ Meeting of TotalEnergies SE held on May 24, 2024, in Paris under the chairmanship of Mr. Patrick Pouyanné.

The shareholders adopted all the resolutions supported by the Board of Directors, including in particular:

  • Approval of the 2023 financial statements and payment of an ordinary dividend of €3.01 per share
  • Renewal of the three-year terms as Directors of Mr. Patrick Pouyanné, Mr. Jacques Aschenbroich and Mr. Glenn Hubbard
  • Appointment for a three-year term of Ms. Marie-Ange Debon as Director
  • Approval of the components of the compensation paid during 2023 or allocated for that year and of the compensation policy applicable in 2024 to the Chairman and Chief Executive Officer
  • Appointment of Ernst & Young Audit and PricewaterhouseCoopers Audit, Statutory auditors in charge of certifying the sustainability information
  • Various delegations of competence and financial authorisations granted to the Board of Directors.

In addition, the Shareholders’ Meeting issued a favourable consultative opinion with 80% of the votes cast on the Sustainability & Climate – Progress Report 2024, reporting on the progress made in the implementation of the Corporation’s ambition with respect to sustainable development and energy transition towards carbon neutrality and its related targets by 2030.

The Board of Directors, meeting at the end of the Shareholders’ Meeting, unanimously confirmed its decision to reappoint Mr. Patrick Pouyanné as Chairman and CEO for the duration of his term of office as Director, Mr. Patrick Pouyanné did not take part to the vote, as well as to confirm Mr. Jacques Aschenbroich as Lead Independent Director.

Closing the Shareholders’ Meeting, Patrick Pouyanné declared: “I would like to thank our Shareholders for their support on the resolutions approved by the Board of Directors, and in particular to the renewal of my term of office as Director and that of Jacques Aschenbroich, Lead Independent Director, as well as to the report on the transition strategy implemented by the Company.”

Zambia steps up UN goal on clean water

The Zambian government said it has intensified efforts to achieve the United Nations Sustainable Development Goal of ensuring access to clean water and sanitation for all by 2030.

Hakainde Hichilema
President Hakainde Hichilema of Zambia

Joe Kalusa, Permanent Secretary in the Ministry of Water Development and Sanitation, said the government is committed to ensuring that the target is met, and efforts have been intensified, with only six years to go before the deadline.

Kalusa announced that the 12th Zambia Water Forum and Exhibition would hold in June 2024.

He said the forum would provide a platform for stakeholders to share ideas on the challenges affecting the provision of clean and safe water, proper sanitation, and solutions to sustainable water management.

Kalusa added that the gathering would also provide a unique platform to share knowledge, exchange ideas and network on issues related to water resources management and development, as well as water supply and sanitation.

Kalusa expressed hope that the meeting would produce actionable resolutions supporting government efforts and providing guidance on closing the water and sanitation gaps by 2030.

Govt to commence vehicular emission testing on imported vehicles

The Federal Government says it will soon commence vehicular emission testing on imported vehicles to ascertain their level of emission and ensure drastic reduction of Greenhouse Gas (GHG) emission.

vehicular pollution
Vehicular pollution

Dr Yakubu Baba, Registrar, Environmental Health Council (EHCON), revealed this at the unveiling of “Vehicular Testing Device” by 3DATX Africa, a US based NGO, in collaboration with the council on Thursday, May 23, 2024, in Abuja.

Baba said the gesture would ensure improved public health.

He said the technological device provided by 3DATX was informed by recent discovery of dangerously high vehicle exhaust level in the country.

Baba said that the project was at no cost to the government but rather international partners.

He identified the gesture as part of the efforts of the Federal Government to meet its commitment to the Paris agreement of reducing GHG emission by 2030 being a major contributor to climate change.

Baba said that the project was conceptualised by the council saddled with the mandate to look at the issue of air quality monitoring in the country.

“The Federal Ministry of Environment has been providing air quality monitoring station in states and strategic locations, but this is the first time we are bringing a smart portable device to monitor GHG emission in Nigeria.

“One of the indicators we going to drive at the ministry of environment level is to make sure that vehicles that are coming into the country pass through the vehicular emission testing.

“The state and local governments will be responsible for managing those vehicles through replacement of parts, services among others.

“So, this is going to be a win-win situation for Nigeria, and we believe this project will be one of the projects that will be so realistic as far as meeting up with Paris agreement is concern.’’

The registrar said the council’s concern about the project resulted from the public health implications of greenhouse gas emission.

“Visiting major cities in the evening when the traffic is high you will discover a lot of dust and emission of so many particulates in the air.

“These particulates cause lots of upper respiratory track diseases, cancer and other medical illness,’’ he said.

The registrar said the vehicular testing project would be scaled up in six pilot states within the six geopolitical zones.

He identified some of the states as FCT, Cross River, Abia, Kano and Borno.

Matthew Suleiman, General Manager, 3DATX, said the reason for the test was to identify the problem and then advise the driver on best source of fuel, mechanic among others.

Suleiman identified device as sophisticated technology used to measure gas emission from vehicles

He said that a lots of sulphur was discovered in fuel of number of vehicles tested describing this as dangerous.

“Our system or device allows us to measure GHG emission coming from exhaust pipe; we can measure hydrocarbon particulate matters among others.

“GHG is also affecting the public, is a silent killer so we have to do something about it as a nation,” he said.

Dr Edwin Edeh, Technical Officer, Public Health and Environment, World Health Organisation, lauded the ministry of environment and EHCON for the initiative to look at possible solution for quantifying GHG emission.

He said the organisation would provide support and clinical guidance adding that WHO target was to see that the health quality in Nigeria was within its permissible limit.

By Felicia Imohimi

Renewable energy sector can create 112m jobs by 2030 – Envoy

The German Ambassador to Nigeria, Mrs Annett Gunther, has said that the renewable energy sector can create not less than 112 million jobs by 2030.

Annette Gunther
Annette Gunther, German Ambassador to Nigeria

Gunther said this in Abuja at a reception organised by the Federal Ministry of Innovation, Science and Technology for a German delegation on green hydrogen.

She said the sector had created jobs for at least 390,000 persons in Germany alone.

Gunther explained that the hydrogen sector is growing, stimulating economic growth and creating jobs in the process.

“Hydrogen does not only seek to meet the climate change goals only but also seeks to feed the population in this part of the world.

“We are on the same page in this partnership on hydrogen and it will be in the interest of both countries,” she said.

Mr Till Mansmann, Innovation Commissioner for Hydrogen in the Federal Ministry of Education and Research, Berlin, also said the hydrogen project would contribute immensely to job creation in the country.

Mansmann described Nigeria as a great partner with huge potential to contribute meaningfully to the growth of the project because of its large youth population, which Nigeria is blessed with.

Also, Mr Uche Nnaji, Minister of Innovation, Science and Technology, said the introduction of green hydrogen would help Nigeria tackle climate change-related issues, among others.

“Hydrogen is basically a zero-carbon issue and through the green hydrogen project, Nigeria will be able to have enough fertiliser to tackle food shortages.

“We will also be able to achieve the Paris agreement on climate change 2030 and our involvement in the 2010 Paris agreement will become a reality,” he said.

Nnaji, therefore, assured the German delegation of the Nigerian government’s readiness to support the project and ensure its success.

Also speaking at the event, Sen. Abubakar Kyari, the Minister of Agriculture and Food Security, said Nigeria would be able to tackle challenges of food security with the introduction of green hydrogen.

“With this technology, fertiliser will be more accessible and available to farmers, there will also be food sufficiency,” he said.

Also, Bello Muhammad Goroyo, the Minister of State for Water Resources and Sanitation, gave an assurance of the ministry’s support and commitment to the success of project in order to harness its potential for the benefit of Nigeria.

Goroyo said embracing green hydrogen would go a long way in addressing climate change issues in line with President Bola Tinubu’s agenda on food sufficiency.

“We are accessible; we want them to use our waters and dams to make sure we harness the potential for the betterment of all Nigerians,” he said.

By Chinenye Offor

Enugu pledges to fix moribund water facilities in 360 communities

Enugu State Government has pledged to fix moribund water facilities in 360 communities to provide clean and safe water to rural dwellers.

Peter Mbah
Gov Peter Mbah of Enugu State

Dr Felix Nnamani, the State Commissioner for Water Resources, made the pledge during a chat on Thursday, May 23, 2024, in Enugu, the state capital.

He stated that 360 communities with government water facilities were totally moribund and not functional due to negligence.

Nnamani explained that Gov. Peter Mbah engaged consortium that did a baseline survey on Water and Sanitation Hygiene (WASH) Projects across Enugu rural areas to identify how these facilities would be repaired and reactivated.

The commissioner explained that the facilities were abandoned because people refused to take them as their own.

According to him, some sources of power have challenges while others were taken over by weeds.

“As we are talking, we have 461 communities with government water facilities out of which, 360 are not functional.

“But with the help of our development partners, we are able to do some. In Igboeze North and South and Igbo-Etiti Council Areas, we were able to deliver some.

“We are looking at a holistic approach that will disintegrate them and to ensure that the council areas have a base that will reticulate water across their area to avoid everybody linking to the one at the state capital,” he said.

He added that the ministry was in discussion with a Canadian firm, to see how the organisation would help Enugu State get water from rivers across the state.

He said that the water would be put in reservoirs, treated and reticulated to the rural communities.

By Alex Enebeli

Food security: Research agency urges farmers to embrace biotechnology

The Federal Government has advised farmers to embrace biotechnology as a measure to tackle food shortage and disease control.

Mustapha Abdullahi
Director General, National Biotechnology Research and Development Agency (NABDA), Prof. Mustapha Abdullahi

The Director-General of the National Biotechnology Research and Development Agency (NBRDA), Prof. Abdullahi Mustapha, gave the advice at a one-day agricultural Biotechnology Youth Vanguard (BYV) Workshop for farmers and Biotechnology students held in Owerri, Imo State, on Thursday, May 23, 2024.

He said that biotechnology, as an emerging science, held the solution to the menace of food insecurity, incessant insect attacks, climate change and healthcare disparities.

Abdullahi, who inaugurated BYV at the workshop, emphasised the need to encourage more youths to become “part of the greater biotechnology scientists in the country.

“It is imperative that we equip our youth with the knowledge, skills and opportunities to leverage biotechnology for sustainable development and societal progress,” he said.

He said that NBRDA aims at promoting, coordinating, and setting research and development priority in biotechnology in the country.

In a remark, Gov. Hope Uzodimma of Imo said the establishment of the BYV would serve as a platform for nurturing talent, fostering innovation and driving progress in the sector.

“Biotechnology holds immense promise for addressing some of the most pressing challenges facing our society from ensuring food security and sustainable agriculture to combating diseases and improving healthcare outcomes,” he said.

Uzodimma, represented by the Director-General of the State Investment Promotion Agency, Prof. Jude Ezeako, pledged his support for the project.

He charged the youths to advance the state as a hub of innovation and excellence in biotechnology.

Speaking on the topic, “Agricultural Biotechnology Journey in Nigeria”, the Director, Agricultural Biotechnology Department, NBRDA, Dr Rose Gidado, said biotechnology had advanced and made agriculture a business over the years.

She, however, said that there was still more to do on biotechnology to further ensure high yielding plants and seeds, reduce cost of production and boost the country’s GDP.

In an interview, the newly Open Forum on Agricultural Biotechnology Youth Vanguard President, Miss Esther John, said the event had exposed her and other students to the world of biotechnology.

“It has helped us to understand that our course, Biotechnology, entails more than manipulating genes, as there are new technologies that make the world better, especially in the agricultural sector,” John said.

The theme of the programme is, “Cultivating Tomorrow’s Agricultural Innovators: Inaugural Workshop for the Agricultural Biotechnology Youth Vanguard.”

By Peter Okolie

Climate change: Govt restates commitment to reduce carbon emissions

The Federal Government has reiterated its commitment to reduce the adverse effects of carbon emissions in Nigeria.

Dr Iziaq Salako
Minister of State for Environment, Dr Iziaq Salako

Minister of State for Environment, Dr Iziaq Salako, stated this on Thursday, May 23, 2024, in Abuja.

He said this at the inaugural workshop on quarterly reporting of utilisation efforts and initiatives towards the reduction of carbon footprints (emissions) in Nigeria.

Salako said the workshop presented the proactive stance of the Federal Ministry of Environment’s pursuit of sustainable environmental practices.

“Today’s gathering marks a pivotal moment in our nation’s commitment to reducing carbon footprints (emissions).

“It also mitigates the negative impact of climate change, particularly in the vital sector of oil and gas activities,” he said.

He said the workshop to reduce carbon footprint by the oil and gas sector, underscores the unwavering dedication to accelerating the gas flare-down dates within Nigeria’s oil and gas sector.

“The introduction of the Nigerian Gas Flare Tracker (NGFT) tool stands as a testament to our commitment to innovative solutions.

“This unique, technologically driven environmental regulatory tool not only identifies gas flare sites with precision but also quantifies carbon emissions.

“It also computes economic values and estimates the power generation potential of the flared gas.

“As a monitoring mechanism, reporting on a quarterly basis to National Oil Spill Detection and Response Agency (NOSDRA).

“The agency serves as the secretariat saddled with the responsibility to fast-track the gas flare-down dates of oil and gas operators in Nigeria is expected,” he said.

The minister said this would enable Nigeria to achieve its goal on the nation’s Energy Transition Plan (ETP) which defines a pathway to achieving a net zero target in 2060.

In a remark, the out- going Director- General, NOSDRA, Mr Idris Musa, said that since inception, the agency had been at the forefront of efforts to combat oil and gas pollution.

He said that NOSDRA was also at the forefront of championing a technology- driven approach to environmental regulations.

Musa said that the introduction of the NGFT as a tool stands as s shining example of the agency’s commitment to invocation and excellence.

He said that upcoming inauguration of the Satellite – based Methane Emission Tracker represented a significant milestone in the agency’s journey towards achieving tier 2 and 3 data reporting requirements.

“This is as outlined in the Intergovernmental Panel on Climate Change (IPCC) emission data grade requirement,” he said.

Musa said that the quarterly reporting initiative would help to overcome some of the regulatory gaps in the oil and gas regulations.

Oil industry operators who made presentations, displayed their level of gas utilisation to reduce the adverse effects of carbon emissions in the country.

By Doris Esa

Saudi Arabia joins International Drought Resilience Alliance

The Kingdom of Saudi Arabia is the latest country to formally join the International Drought Resilience Alliance (IDRA), the global coalition mobilising political, technical, and financial capital to prepare the world for harsher droughts. This addition brings the total membership of IDRA to 37 countries and 28 intergovernmental and research organisations, reflecting a growing commitment to address droughts in the face of climate change and unsustainable land management.

Al-Fadley
Saudi Minister of Environment, Water, and Agriculture Eng. Abdulrahman bin Abdulmohsen Al-Fadley. Photo credit: SPA

Launched at UN Climate Summit COP27 by the leaders of Spain and Senegal, IDRA rallies world leaders against one of the world’s most deadly and costly natural disasters, acknowledging that we are only as resilient to drought and climate change as our land is. The IDRA secretariat is hosted by the United Nations Convention to Combat Desertification (UNCCD).

Abdulrahman Abdulmohsen Al Fadley, Saudi Minister of Environment, Water and Agriculture, said: “We see IDRA as an opportunity to protect our societies and economies in the face of drought.  As hosts of the largest-ever UN conference on land and drought this December, one of our priorities is to further the countries commitment to a drought-resilient future.”

Al Fadley emphasised that Saudi Arabia’s hosting of COP16 reflects the commitment of its leadership to environmental protection at the national, regional, and international levels, and adds to pioneering efforts like the Saudi Green Initiative and the Middle East Green Initiative.

Al Fadley also highlighted the urgent need to build drought resilience globally, while combating land degradation and desertification to counter their environmental, economic, and social impacts. He expressed hope that the Alliance would foster effective collective action and intensify global efforts to address these issues, ensuring the sustainable management of natural resources for future generations.

One-quarter of the world’s population is already affected by drought, and three out of four people are projected to face water scarcity by 2050. In the Middle East and North Africa, 100 percent of the population will live with extremely high-water stress by 2050.

Third Vice-President of the Government of Spain, Minister for Ecological Transition and Demographic Challenge and IDRA Co-Chair, Ms. Teresa Ribera, encouraged more countries to follow in the steps of the Kingdom of Saudi Arabia, noting that drought resilience yields returns of up to 10 times the initial investment.

“The Alliance is as strong as the knowledge, experiences, and networks contributed by its members. I invite world leaders to join IDRA to transform the way humanity tackles drought, building our collective defenses before crises strike,” said Ribera.

UNCCD Executive Secretary, Mr. Ibrahim Thiaw, concluded: “Droughts are a natural phenomenon, but we are turbo-charging them by degrading our lands and disrupting the climate. In the lead up the UNCCD COP16, I urge countries to raise their ambitions for healthy lands and drought-resilient societies and economies.”

A watershed year for land and drought

UNCCD COP16, taking place in Riyadh from December 2 to 13, will be the largest-ever meeting of UNCCD’s 197 Parties, the first to be held in the Middle East region, and the largest multilateral conference ever hosted by Saudi Arabia. The Kingdom will also host the 2024 World Environment Day global celebrations with a focus on land restoration, desertification, and drought resilience.

On June 17, 2024, Desertification and Drought Day will mark the 30th anniversary of the United Nations Convention to Combat Desertification (UNCCD), one of the three Rio Conventions alongside climate and biodiversity.

UK’s MOBILIST programme underlines commitment to Nigeria’s capital market for sustainable development

The UK Government says it is committed to supporting Nigeria to develop its thriving capital markets and sees its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme as a strong basis for collaboration with Nigeria’s financial sector.

Mobilist
L – R: Chairman, Nigerian Exchange Limited (NGX), Mr. Ahonsi Unuigbe; British Deputy High Commissioner, Mr. Johnny Baxter and Ag. Chief Executive Officer, NGX, Mr. Jude Chiemeka during the Public Markets -Focused Finance Engagement organized by Mobilist & NGX in Lagos

Nigeria’s capital market can help contribute to the delivery of the country’s economic goals, including the ambition to transition to clean energy solutions, but needs around $10 billion in financing per year to meet the Sustainable Development Goals (SDGs) by 2030.

At two MOBILIST events hosted by the Nigerian Exchange Limited (NGX) and the British Deputy High Commission (BDHC) in Lagos on Tuesday, May 21, 2024, the UK underlined its commitment to work with Nigeria to enable private capital mobilisation at scale. The events in the Nigeria’s financial hub brought together stakeholders from across the finance community, including representatives of the Securities and Exchange Commission (SEC) and pension fund industry, to discuss opportunities to solve some of the principal barriers to increasing investment in the SDGs via public markets.

This week’s events come after former UK Foreign Secretary James Cleverly’s visit to Nigeria last year and his participation in the launch of the partnership between MOBILIST and NGX intended to catalyse greater investment in the SDGs via new investment structures listed on the exchange.

MOBILIST provides investment capital in the form of equity as well as technical assistance to overcome barriers and enable the listing of pioneering products that can mobilise institutional capital at scale to deal with the twin challenges of development and the climate transition. MOBILIST also offers extensive research and policy advocacy support to highlight obstacles and enhance the environment for issuers, investors, and intermediaries.

According to the Organisation for Economic Co-operation and Development (OECD), the African continent needs additional financing of about $194 billion annually to achieve the Sustainable Development Goals by 2030. Closing this financing gap cannot be achieved without mobilising private investment at scale and enhanced collaboration between capital market stakeholders, multi-lateral development banks, development finance institutions and policymakers.

British Deputy High Commissioner, Jonny Baxter, while delivering his remarks at the event, said: “The UK government is committed to supporting Nigeria in the continued development of its capital market to help deliver the country’s economic goals, including its ambitions to transition to clean energy solutions.

“A liquid and well-regulated capital market benefits the entire economy by enabling companies to raise capital to fund their expansion, which in turn helps deliver crucial development, job opportunities and improved incomes.

“MOBILIST’s focus on stimulating the creation of innovative listed products can make a unique and impactful contribution to achieving these objectives.”

In his goodwill remarks, the Chairman, NGX, Ahonsi, Unuigbe, highlighted the need for addressing barriers hindering public listings through collaborative discussions.

He said: “The discussions we have today are crucial as we address barriers hindering public listings and explore actionable solutions. By overcoming these obstacles, we can unlock the full potential of our capital market, enabling more businesses to access the funding they need to grow and thrive. Some of these obstacles are significant such as regulatory challenges, high listing costs, and market volatility.

“An enhanced and efficient listing process will democratise access to capital, nurturing a vibrant entrepreneurial ecosystem, particularly businesses dedicated to the achievement of Sustainable Development Goals (SDGs), can flourish.”

MOBILIST Programme Lead at the FCDO, Ross Ferguson, said: “MOBILIST is the expression of the UK’s conviction that public markets have a underutilised but potentially critical role in financing sustainable development at scale by mobilising private capital to flow where it is needed most – to the firms that are going to contribute most to solving developmental challenges and help deliver a fair and orderly climate transition for Nigeria.

“We are committed to deepening our relationships in the Nigerian market as we seek to help position Nigeria’s capital markets at the forefront of these efforts.

While delivering the welcome address, the Ag CEO of NGX, Jude Chiemeka, emphasised the impact of the partnership with MOBILIST.

He stated: “Our partnership with MOBILIST is geared towards advancing market efficiency, sustainability reporting, and integrating Environmental, Social, and Governance (ESG) principles. This event represents a significant milestone in our ongoing efforts to enhance the performance and deepening of Nigeria’s capital market by promoting sustainable capital flows and enhancing listing diversity.

“The discussions from today are poised to yield actionable insights on how we can collectively catalyse economic growth through the capital market. By harnessing the potential of our capital market, we can unlock new opportunities for funding businesses, fostering entrepreneurship, and ultimately driving sustainable development across Nigeria.”

Group urges adoption of renewable energy to tackle climate change

The Kebetkache Women Development and Resource Centre has suggested the adoption of renewable energy to reduce the effects of fossil fuels on the environment.

Kebetkache Women Development and Resource Centre
Participants at the sensitisation workshop for communities in Rivers State

Dr Confidence Otikor, the Project Officer of the Rivers-based advocacy group, spoke on Wednesday, May 22, 2024, in Port Harcourt at a one-day sensitisation workshop for communities in Rivers State.

Speaking at the workshop with the theme: “Awareness Creation on Energy Transition”, Otikor said the use of renewable energy would protect the environment.

The project officer said that the rapidly changing climate had made it imperative for humans to embrace green energy sources.

“This will help to preserve both the environment and the health of the citizens,” she said.

“The transition from fossil fuel is crucial to address climate change, considering that they are the primary sources of greenhouse gas emissions.

“Gas emissions trap heat in the atmosphere, causing global warming that leads to more frequent and severe weather conditions, such as rising sea levels, excess heat, and rain floods. among others.

“We encourage our people to buy into the idea of transiting from non-renewable energy to renewable sources,” she said.

Otikor stressed that adopting renewable energy means diversifying energy supply and reducing dependence on fossil fuels.

She pointed out that Nigeria’s overdependence on fossil fuels had resulted in climate change, air and water pollution, land degradation, and health challenges, among others.

According to her, there is need to make renewable energy affordable and accessible to the average Nigerian household, without having to spend much.

“It is important that Nigerians transition to renewable energy, it will save them a lot money, protect the environment, improve air and water quality, and boost the economy.

“We understand that this transition is a gradual process, but it should be a collective effort so that everyone will embrace the idea to make it work.

“The government should provide solar systems to the people, especially those in rural communities that do not have the resources to purchase the facility,” she said.

Otikor said that while the government had a significant role to play in climate change mitigation, citizens should also make conscious choices in their daily lives.

She called on the Federal Government to invest in renewable energy sources such as wind, hydropower, geothermal, and solar.

“We call on the people to plant trees because trees help freshen our environment, ultimately leading to a better quality of life,” Otikor added.

By Desmond Ejibas

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