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According to them, Africa has the lowest cost of generating carbon credits in the world and as such, a case should be made for a framework whereby African carbon emissions submissions are accepted in the global marketplace, stressing “ESG brings new potential revenue streams that can be incorporated into a financing package.” Financial experts have also stated that ESG considerations are currently driving shifts in lending policies for various financial institutions and under what terms they are willing to lend, adding that while several key financial institutions like the World Bank and several Export Credit Agencies (ECAs) have pledged to end support for fossil fuel projects, Asian ECAs and some European ECAs have not made any such policy proclamations.
Iledare said: “The oil and gas industry in Nigeria is not anti-environmental optimisation,” adding that the Society of Petroleum Engineers makes conscious efforts to produce oil and gas in a safe and environmentally secure manner.
Across Africa, the African Refiner and Distributor Association (ARDA) puts needed funds for refinery upgrade alone at $15.7 billion while an additional $7.5 billion investment, inclusive of debt, equity, and grants, will be required to build clean cooking stoves and downstream infrastructure that are going to support the attainment of the UN Sustainable Development Goals (SDGs).
With the Petroleum Industry Bill (PIB) already being prepared in anticipation of presidential assent as stakeholders are divided over proper consideration for ESG, energy economist, Prof.
Wunmi Iledare insisted that ESG must be on the radar of the industry as an important determinant for future investment flow..
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