Book Description

There is undoubtedly a global increase in demand for energy; with fossil fuels accounting for 86% of the global energy sources (EIA 2006). It is clear that the emission of Greenhouse Gases - GHG as a result is also contributing to the atmospheric temperature rise and climatic disequilibrium. Consequently, Global Warming Potential (GWP) is set to increase (or increasing) as the CO2 concentrations (and other Greenhouse Gases) in the atmosphere are expected to reach twice the pre-industrial level by the end of this century (IPIECA, Eileen Claussen 2002). Unfortunately Nigeria's (a non Annex I country but one of the world's largest Oil and Gas producing State) gas flaring records show a significant contribution to this potential global calamity. In the current dynamics, the Nigerian Government and its representative parastatals; and the International Oil producing Corporations (IOC) in Nigeria are very much playing a cat and mouse game in tackling the gas flaring and venting problems, and other natural resource wasting issues. The attempt by the government over the years to browbeat the oil corporations to abide by the decrees and laws related to gas flaring and venting has pathetically failed at every instance, and the non adherence of the oil exploring corporations to these laws or find a lasting solutions to this venting and gas flaring has brought an almost irrevocable damage to the ecology, civil unrest and divestment in the area, and this has dramatically affected the indigenes and general populace of the oil rich delta region of Nigeria not only from a socioeconomic and environmental point but also to their basic entitlement to the fundamental human rights. The author suggest in this paper the non attainment of the zero flaring goal is a consequence of inter alias lack of initiative in the current regulatory framework, and undermining the need to articulate workable initiatives such as market based regulatory (or economically incentive) framework along other mechanisms for the participants (i.e. oil corporations and the wider economy) in the whole process. Internalising, redefining and modifying the dynamics of emissions trading concepts to meet with the country's relevance, dynamics and immediate needs as a non annex 1 country is not a no-go-area for Nigerian policymakers. Viewing the importance of the need to mitigate (and possibly abate the harmful and calamitous effect of) GHG on the local and global climate in a cost efficient manner should be the priority of all governments (most especially the developing countries). The paper builds on the view that the government of Nigeria should consider developing - albeit, it must be relevant and tailored to the domestic dynamics and realities without watering or undermining the essence of the mechanism - and incorporating a robust market based regulatory framework vis-a-vis Emission Trading within relevant environmental legislations which could compliment the present command and control or penalty based regulatory framework already aimed at facilitating the reduction of the gas flaring and venting, hence preparing for the inevitable emergence of a global emissions trading scheme post Kyoto framework.