Former President Olusegun Obasanjo on Friday urged Nigeria to commit to producing electricity from renewable energy.
The retired General said the time everyone has on earth is limited and stressed that clean carbon-free sources should be harnessed for a safer environment
He made the comment at the launch of the Olusegun Obasanjo Presidential Library 2MW Solar Power Project in Abeokuta, the Ogun State capital.
The Owu-born statesman insists solar investment is cost-effective, noting that funds spent on the project were less than two and half years supply of diesel for generators.
“In diesel terms, it pays for itself in less than three years. In effect, the electricity it produces after three years is almost at no cost,” he said.
“Because it is not emitting any greenhouses gases that diesel generators do, it has the potential to earn carbon credits which are currently priced at $40/ton.
“Based on estimated annual production of 2,307,000 KiloWatt hours per year, we can expect to earn nearly $39,589 in carbon credits per year.”
Obasanjo said the idea that capital is selfish fails to understand the fundamentals of nature and that green, not greed, is good.
Half of the 17 Sustainable Development Goals (SDGs) touch on the environment, the former Head of State pointed out.
“Our time on this beautiful earth is limited. In my life, I have sought to be a responsible steward for nature. This facility marks one of the enduring personal legacies I am proud to call my own,” he said.
He recalled that the UN Climate Change Conference (COP26) was attended by over 1,000 universities from 68 countries and witnessed speeches and renewed commitments to reach zero emissions by 2050, in some cases 2060 and in Nigeria’s case 2070.
“This is the best time for all Nigerian universities to sign-up to the United Nations’ Race to Zero campaign, and commit to reducing their carbon emissions to zero by 2050 at the latest.
“We hope that by committing to consume renewable energy, we inspire others to follow and still inform others to do their bit for the environment”, Obasanjo added.