Participants want more investments in renewable energy for sustainability

Sun, Jul 7, 2024
By editor

Oil & Gas

PARTICIPANTS at Energy Transition Symposium have called for more investments in renewable energy sources such as solar, wind and hydropower, to achieve sustainable energy future for the nation.

They made this known in a Communique made available to the News Agency of Nigeria (NAN) in Lagos on Saturday.

The communique was signed by Mr Paddy Ezeala, Publisher, Development Agenda Magazine, on behalf of the organisers.

The symposium was supported by Ford Foundation West Africa, ClassMasters Limited and Development Agenda Magazine.

According to it, increase investment in renewable energy will help in the diversification of Nigeria’s Energy portfolio.

”There is need to create an enabling environment through robust policies and regulations, by implementing frameworks that encourage investments in renewable energy, provide incentives for clean energy projects, and ensure a just transition for all stakeholders involved, especially those whose livelihoods depend on the oil sector.

”There is need to raise awareness about the benefits of clean energy in both the urban and rural communities in order to foster a collaborative approach to the nation’s energy challenges,” it stated.

According to the communique there is need for government to develop the nation’s gas infrastructure and phase out flaring, generate cleaner energy and create jobs.

It said that there was need to ensure that  solar panels and batteries were  manufactured locally and patronised.

It also reiterated the need for Nigeria to adopt cutting-edge technologies.

”From smart grids and energy storage solutions to carbon capture and utilisation technologies, innovation will play a pivotal role in enhancing energy efficiency, reducing emissions, and lowering costs.

”There is also need for Nigeria to strengthen its partnership with international organisations, development partners and other countries to share knowledge, access funding and build capacity,” it said.

The communique said that there was need for Nigeria to invest its energy and funds in gas development to become a powerful nation.

It noted the need to increase the power being generated to improve quality of life, cut cost and ease the burden on the citizenry.

The communique also stated the need for Nigeria to work on the policy execution process to benefit from the many renewable energy sources open to us.

It noted the need to make women advocates of renewable energy and be especially encouraged to actively participate in the transition process and benefit from it.

NAN reports that the theme of the symposium held in Abuja was entitled: “Energy Transition in an Oil Dependent Economy.” (NAN)