Oil-rich developing nations should not fold up because of the global push for green energy, Professor Ekundayo Peter Mesagan of Pan-Atlantic University, has said.
Mesagan, Professor of Energy and Environmental Economics, delivered the University’s 26th Inaugural Lecture titled “Making Lemonade from Lemons: The Fossil Energy & Sustainability Puzzle” at the Honeywell Auditorium, Lagos Business School.
Mesagan, said the global call has been to use less fossil fuel and more clean energy, but queried what should happen to oil-rich developing countries.
He also said in the last few decades, the global argument for environmental sustainability has been that we should deemphasise the use of fossil energy while scaling up other forms of energy that are less carbon-dioxide emitting.
Is this true or not? What should happen to oil-rich nations, especially developing countries? Should they fold up, or should they seek alternative sources of income for financing their projects?” he asked.
According to him, energy transition is more complex than replacing fossil fuels with renewables, as technology and cost mean fossil fuels will remain in the global mix for some time.
Africa, he said, cannot copy Europe’s roadmap because the continent must still expand energy access and grow its economy.
He reasoned that natural resources do not decide a nation’s future. Governance, policy, innovation and investment do.
“The future belongs to countries that can transform challenges into opportunities,” he said.
He maintained that transition must go with poverty reduction and better energy access and requires collaboration among economists, engineers, policymakers and environmental scientists.