With the removal of fuel subsidy, signing into law of the electricity act, the need to change the status quo has become imperative. Renewable energy has shown globally that it has the potential of catalyzing the energy sector.
This was the summation of the communique of the International Energy Conference organized recently by the Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A).
Presented by the newly elected President of the governing council of the REEEA-A, Prof. Magnus Onuoha, the communique identified nine solutions which, according to the association, were recommendated by the deliberations of participants at the Conference.
These solutions are:
* Funding more projects with local naira and leveraging to enable growth of community-based developers for off-grid communities
* Technical assistance and capacity building accelerator programs for renewable energy entrepreneurs and developers
* Revenue assurances to support and fund large scale solar projects
* Payment mechanisms to support clean energy expansion
* Policy recommendation to build social acceptance for Nigeria to use natural gas as a transition fuel
* Leveraging on the Electricity Act recently passed into law- engaging the 36 states for integrated electricity within their states to generate power that satisfies the needs of the state.
* Accelerating investment in the emerging green hydrogen space
* Electric Vehicle (EV) Opportunities in Nigeria and Quick wins.
* Development of carbon market opportunities and revenue arising therefrom.
According to Prof. Onuoha, the conference played host to key stakeholders from the private sector, financial institutions and civil society and they explored opportunities, challenges and strategies for increasing private sector investment in the renewable energy and energy efficiency projects in Nigeria.
The Communique also lamented the abysmal state of the power sector; and expressed optimism that with the fuel subsidy removal and a level playing ground with the oil and gas sector; the renewable energy industry would now be able to highlight it’s possibilities as a major and proactive option for tackling electricity instability.
The communique also called for de-risking of energy investments through capacity building for financial institutions. A spotlight was a further call for re-catalyzing the energy sector using more dynamic approaches including e-mobility options such as electric vehicles and bikes; green hydrogen and carbon market; all of which have barely been tapped.