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Expert Seeks Increased Use Of Renewable Energy To Tackle Power Crisis

Chief Executive of SMEFUNDS, Femi Oye, has highlighted the critical need for Nigeria and other African nations to harness their renewable energy capabilities to enhance access to power. He noted  that utilising resources such as tropical forests, peatlands, and oceans not only offer  renewable energy solutions  but  help countries to generate  income through high-quality carbon credits.

To back this up, the 2024 Economic Outlook for Africa by the United Nations Economic Commission for Africa (ECA) suggested that carbon markets could aid in achieving Africa’s objectives of resilience and wealth, in accordance with Agenda 2063.

However, the report cautions that without ensuring the additionality of credits, proper governance, and sufficient pricing, there’s a risk of creating market incentives that could boost carbon emissions and hinder the continent’s climate change mitigation efforts.

Given the inconsistent power supply across the country, Oye noted that supporting individual residential buildings throughout Nigeria to become fully self-sufficient in renewable energy. His proposal included implementing tailored energy systems for each home, encompassing rooftop solar panels, various storage solutions, heat pump installations, and retrofitting and insulation measures. By doing so, Oye argued, households could meet their electrical and thermal energy needs while minimizing costs.

In light of the Intergovernmental Panel on Climate Change (IPCC) providing scientific assessments of climate change drivers and impacts, Oye emphasised the urgency for the government to evaluate its progress in reducing greenhouse gas emissions.

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He underscored the importance of investing in alternative energy sources that facilitate systemic transformation, viewing this as essential for achieving ambitious and collective climate objectives. This holistic approach,he noted, aligns with the broader global imperative to mitigate climate change and transition towards sustainable energy systems.

He called for more “adaptive innovation clusters”, with a focus on “reducing climate vulnerability and improving rural community resilience”, as well as “strengthening the resilience of smallholder farmers to climate change”, while reducing the “risk of climate-induced exacerbation of poverty” and “food insecurity”.

Researchers report that 53% of European freestanding homes could have supplied all their own energy needs in 2020 using only local rooftop solar radiation, and this technical feasibility could increase to 75% in 2050.The study, which was published on November 2 in the journal Joule, reveals that for now or in the future, it doesn’t make financial sense for individual homes to be completely independent of the grid, although in some instances, the expenses are equal to or less than staying connected to the grid. The researchers predict that it could become financially viable for 5% (two million) of the 41 million standalone single-family homes in Europe by 2050, provided that homeowners are prepared to spend up to 50% more than the cost of staying completely connected to the grid.

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Source: Nation

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