Read the Seven (7) Takeaways from the Business Law Weekly Series 16: Energy Transitions and Focus on Renewables below;
1. Climate change is a global issue that affects all continents and it is everyone’s responsibility to take care of the planet. With significant impacts from global warming, countries and world leaders should protect the environment and support initiatives to combat climate change.
2. Nigeria is committed to achieving its net-zero targets by 2060 and implementing its Energy Transition plans which align with the Sustainable Development Goals (SDGs). This demonstrates Nigeria’s determination to reduce greenhouse gas emissions and transition to a low-carbon economy.
3. Industrial transparency allows companies to showcase their sustainability efforts to stakeholders, whether internal or external, as well as members of the public. Industrial transparency is crucial to companies exploring green financing and essential in obtaining grants and green loans, which may be required for their transition to renewable energy.
4. Before committing to investments in renewable energy, it is essential to conduct prior research to ensure a satisfactory return on investment. Research ensures that expended resources yield interest to the companies and adequately support their transition to a low-carbon economy.
5. Energy storage technology is improving, allowing for renewable energy to be stored and used when needed. This helps mitigate the issue of intermittency and makes renewable energy more reliable.
6. Renewable energy sources are becoming more attractive and cost-competitive compared to fossil fuels. This makes it accessible to more people.
7. Switching to renewable energy presents opportunities for African countries. Some of such opportunities include improved energy security, affordability, job creation, and reduction of dependence on imported fossil fuels.