Corporate Nigeria is still largely dependent on fossil fuels like diesel and Premium Motor Spirit, despite the country's pledge to achieve net zero emissions by 2060.

The government's Climate Change Act seeks to achieve low greenhouse gas emissions and sustainable growth, with provisions to adopt National Climate Change Action Plans in five-year cycles.

However, the government missed the initial deadline set in the Act to publish the first Action Plan and pilot carbon budget by November 2022. President Buhari committed to net zero emissions by 2060 at COP26, in line with the Climate Change Act.

Energy Transition Plan was developed to achieve the 2060 target, but corporate Nigeria blames the higher cost of renewable energy for their continued use of fossil fuels.

The poor electricity supply in the country is also identified as a hindrance to transitioning to renewable energy. Experts suggest that phasing out coal and natural gas-fired power plants and increasing the use of wind, solar, nuclear, and other renewable energy sources are necessary for achieving the net zero target.

The Chief Executive Officer of Cowry Asset Management, Mr Johnson Chukwu, said that the cost of renewable energy was still higher than that of fossil fuel, and Nigerian organisations were struggling with a lot of challenges.

He added that the priority of corporate Nigeria may not be the environment as they have other pressing issues to deal with.

He noted that the costs of fossil fuels were still cheaper than that of any green energy source and that was the major reason Nigerian companies were still relying on fossil fuels,

source ; punchng.com

link;https://punchng.com/corporates-shun-renewable-energy-as-climate-change-campaign-intensifies/