Grapevine

Stakeholders reject call for fossil fuel phase-out

Participants at the webinar discussed the role of oil and gas in global emissions and also proffered solutions.

A former Executive Commissioner for Development and Production at the Nigerian Upstream Petroleum Regulatory Commission, Dr Nuhu Habib, noted that while fossil fuel production contributed to emissions, it was not the largest source of global greenhouse gases.

Habib highlighted that oil and gas would remain key drivers of the global economy for, at least, the next 50 years.

He pointed out that oil and gas account for only about 15 per cent of industrial emissions, emphasising that the real challenge lies in addressing the broader industrial activities that contribute to greenhouse gases.

He also criticised the incomplete financial commitments under the Paris Agreement to support African nations in climate change mitigation.