Environmental experts have called on governments at various levels to effectively implement a carbon market framework and tax regime, saying, it would reduce the greenhouse gas emissions in West African countries.

They asserted at a stakeholders’ workshop organised by the Resource and Environmental Policy Research Centre, (EfD-Nigeria) in collaboration with EfD-Ghana in Abuja.

Acting Vice Chancellor of the University of Nigeria, Prof. Romanus Ezeokonkwo, stated that effective carbon pricing is a powerful tool in the global battle against climate change, as environmental policies remain a significant challenge in Africa.

He maintained that the workshop is critical given the ongoing global dialogue on climate change mitigation, which emphasises the necessity of reducing gas emissions through practical policy measures such as carbon taxation.

“We anticipate receiving constructive feedback from the stakeholders on the pertinent issues highlighted in the study, particularly those relating to the removal of fuel subsidy and implementing a carbon tax in West Africa, with Nigeria and Ghana as the focal points,” Ezeokonkwo added.

In a presentation, Dr Chizoba Oranu, said the State of Nigeria’s carbon market and Registry were underway, and the National Council on Climate Change (NCCC) is currently in the process of developing the carbon tax framework.

She explained, that there was a unanimous understanding among stakeholders that the carbon market and carbon registry are still in the developmental stage, though Nigeria’s president inaugurated a committee on climate change to develop the carbon market.

According to her, the tax is critical in achieving Nigeria’s Nationally Determined Contribution (NDC) agreement on financial incentives for sustainable energy access and mitigating climate change.

Head, Economic Regulation of Ghana’s National Petroleum Authority, Abass Tasunti, advanced reasons why subsidies are no longer efficient, saying there are challenges and opportunities in deregulating petroleum prices.

Tasunti said Ghana are now experiencing 100 per cent economic hardship after removing fuel subsidies in 2015, and there is 50 per cent low economic activities due to poor electricity supply and the high cost of powering generators for businesses. “We are beginning to see 50 per cent pressure from trade and labour unions on the government to retract the policy 41.7 per cent, an increase in social vices, insecurity and difficulties in the mobility of citizens,” he added.

In a presentation, Dr Nnaemeka Chukwuone of EfD-Nigeria, said production taxes are likely less suitable for achieving emissions reduction objectives in the short run, saying, it will transfer to households the negative impacts of implementing carbon tax.

Chairman of the occasion, Prof Emmanuel Oladipo, expressed delight with the national response on climate change and related development.

Dr Moses Ama of the Federal Ministry of Environment, who assured that the issues are progressing to create a market landscape, urged stakeholders to take advantage of it due to opportunities available in the environment space.

The Principal Investigator from Ghana, Dr Monica Lambon-Quayefio and the Principal Investigator from Nigeria, Prof NwaJesus Onyekuru, called for the implementation of a carbon tax in phases to reduce the shock on the economy. They also recommended that the tax should be focused on the heavy emitters to incentivise them to reduce greenhouse gas emissions and switch to low-emitting technology.

Onyekuru explained fossil fuel reforms are useful tools to redirect energy consumption towards cleaner sources of energy, as part of the global drive towards decarbonisation, a clean and sustainable development pathway.

“Such reforms are usually conducted through fiscal policy tools, such as taxes and subsidies to encourage or discourage consumption of some fossil fuels. This also suggests that the use of such reforms impacts the pricing of fossil fuels relative to cleaner energy sources.”

They argued that developing countries are yet to fully transition to cleaner energy sources from their dependence on fossil fuels, despite establishing several policy frameworks to support the transition.

“Though some countries have successfully implemented tools like carbon taxes to motivate the reduction of emissions. For other countries like Ghana and Nigeria, successful transition to cleaner energy sources is a long-term goal in the eyes of policymakers. Both countries have passed several price reforms on fossil fuels like fuel subsidy removal. However, the road to sustainable carbon pricing remains unclear,” they added.

The post ‘Carbon tax implementation will reduce emission in West Africa’ appeared first on Guardian Nigeria News.

Powered by WPeMatico