Nigeria Paris Agreement

The MoU has entered into an agreement for the Nigerian and Singapore stock exchanges to cooperate in the exchange of best practices and to organize joint initiatives in their respective markets. In a statement to Lagos, the NSE was quoted as saying that the partnership had stepped up its efforts to promote the growth of sustainable financing in Nigeria. (Environews) Nigeria signed the Paris Agreement, the International Agreement on Combating Climate Change. It ratified the agreement in 2017. It has pledged to reduce its greenhouse gas emissions by 20% by 2030 compared to the “business as usual” level. This commitment increases to 45% subject to international aid. Since 2005, deforestation rates in natural forests have remained high, according to Global Forest Watch. From 2010 to 2019, Nigeria lost 86,700 hectares of tropical forests, the equivalent of 19.6 MtCO2. In recent months, Nigeria has hosted several important stakeholder engagement and capacity building events, including: Dr. Peter Tarfa, Director, Depart of Climate Change Federal Ministry of Environment, Nigeria nigeria`s temperatures have risen by about 1.6C since the beginning of the industrial era – more than the global average. Depending on the pace of climate change in the future, temperatures could rise by another 1.5 to 5 degrees Celsius by the end of the century.

Per capita emissions were about 2.8 tonnes of CO2 in 2015, well below the global average of 7 tonnes, but roughly India`s per capita emissions in 2015 (2.7 tonnes). Despite the lack of measures, the IEA estimates that by 2030 Nigeria will buy a significant portion of its electricity from coal. (This is based on Nigeria`s stated policy, which has hardly been implemented so far). But the government has also promised to boost natural gas production – a fossil fuel that already supplies much of Nigeria`s electricity (see chart above). Rainforest in Nigeria. Image: INTERFOTO / Alamy Stock Photo. An Amnesty International investigation has revealed that Anglo-Dutch oil group Shell and Italian oil group Eni were responsible for most of the oil spills in the Niger Delta. The initiative identified 14 projects that could help Nigeria meet its climate promise at a cost of $500 million. Most of the projects involve Nigeria, which is developing more solar energy.

More than one in three people in Nigeria do not have access to electricity. Instead, many rely on wood incineration, biogas – a gas of plant waste and other types of waste to produce energy in the home.