“We are committed to critical steps to reduce methane emissions by ensuring gas flaring is eliminated, There is a huge penalty for that. There is equally a huge incentive to do so,” Tinubu told world leaders on Saturday at the COP28 Summit on Methane and Other Non-CO2 Greenhouse Gases,’ in Dubai, the United Arab Emirates.
Tinubu spoke alongside the COP28 President, Dr. Ahmed Al-Jaber; the United States Special Envoy on Climate, John Kerry, and the Chinese Envoy on Climate, Xie Zhenhua, saying Nigeria has incentives and punitive measures to encourage compliance and punish defaulters.
Commending the Emirati government for its drive to reduce GHGs, the President welcomed new developments made by the entities, harping on the need for participants to implement their net zero commitments.
“Sitting here in this room, I know that we have to commit ourselves. We have been doing so before today.
“The measures that are taken here are a welcome development, no doubt about that. I am with the leadership of the UAE for the commitment shown so far.
“We are consolidating on gas export, usage domestically and export to other countries. I can assure you that we will be partners in progress to achieve renewable energy,” said Tinubu.
Tinubu who spoke in his capacity as leader of Africa’s largest economy and the most populous black race then enumerated practical steps Nigeria has taken toward the global goal.
He remarked, “We are committed to energy mix, we are providing cooking gas for our large population. We will continue to do that.
“We have signed off on the reduction of methane. We will leverage new technology and we hope that the two giant nations and the Emirates will be able to help us.”
Tinubu called out the world’s biggest economies, the US and China, who he said are the biggest culprits in GHG emissions, urging them to act “real fast” because the earth needs urgent healing.
“What I know of Africa is the fact that de-risking in additional investment and technological know-how is very necessary and the largest economies that have benefitted immensely should do more real fast because the earth needs healing and needs more attention,” he affirmed.
Speaking earlier, COP28 President Sultan Al-Jaber opined that the efforts made so far prove that success is possible in the objective to limit rising temperatures.
He argued that eliminating all CO2 gases is possible with the necessary cooperation and hard work on the part of the countries.
Meanwhile, US Envoy, Kerry announced over $1bn new grant funding mobilised since COP27 in Sharm el-Shiekh, Egypt.
He enthused over more countries such as Turkmenistan who have made new methane pledge endorsements.
“Earlier today, the United States finalized standards to sharply reduce methane emissions from oil and gas operations. And those efforts will achieve a nearly 80 per cent reduction and we, the United States, are planning a rulemaking review on methane emission standards for landfills.
“The United States and the European Union launched a global methane pledge two years ago in Glasgow, with 100 countries joining. At COP 27 in Sharm el-Sheikh, we were able to grow the list of endorsements to 150 countries.
“And I’m pleased today to announce a new global methane pledge endorsements from Angola, Kenya and Romania. And I’m particularly excited that Turkmenistan Kazakhstan joined yesterday and Kosovo President Costco is here to join today. We’re working to turn the pledge itself into action,” Kerry revealed.
Kerry announced that parties successfully raised funds five times their initial target of $200m even as the $1bn received would be channeled into methane-lowering efforts.
“To help support this country’s efforts, my friends, President Biden launched the methane finance sprint at the April 2023 major economies forum he hosted at the White House. That had the aim of raising $200 million to help us go forward.
“Well, I’m very pleased to announce today that the United States, the European Union, other governments, philanthropies and the private sector significantly exceeded that target.
“And together, we have mobilized over $1bn in new grant funding since COP27 for methane that has more than tripled previous annual methane grant funding,” said Kerry.
He added, “We will leverage the score in project investment. And these funds are going to support cutting methane emissions across all sectors with a focus on low and middle-income countries.”
On his part, the Chinese Envoy said his country was willing to cut down GHG emissions but lacked the full capacity to do so.
Therefore, Zhenhua called for support from the international community.
