In a recent research paper, Dr. Ismail Aliyu Danmaraya, Professor of Economics in the AUN School of Arts & Sciences, and four other researchers, outlined measures which oil-producing countries like Nigeria can adopt to mitigate the adverse effects of oil production on the environment.
Professor Ismail Aliyu was the lead author of the paper: “Heterogeneous Effect of Oil Production on Environmental Degradation: Panel Evidence from OPEC Member Countries.” Published in the Scopus-indexed International Journal of Energy Sector Management (Emerald Publishing), the paper studied the asymmetric effect of oil production on environmental degradation in OPEC member countries from 1970–2019.
On the premise that economic growth sustains more carbon emissions, the authors argue that an increase in renewable energy, as well as a decrease in non-renewable energy, reduces carbon emissions.
"These findings have important policy implications because they refute current OPEC policies. OPEC countries are currently among the leading oil producers and, as a result, the highest CO2 emitters. As a result, OPEC countries have a high level of transparency, have seen an increase in economic activity and depend heavily on oil production as a source of revenue".
Among the measures recommended by the authors for Nigeria and other oil-producing countries is the creation of energy matrices at both the regional and national levels to connect, subsidize and reward economies that implement and meet joint green energy goals, invest in renewable energy resources, replace traditional with more environmentally sustainable energy sources, and invest in environment-focused research and development (R&D).
They also urged the allocation of funds to clean energies, energy management, and energy conservation programs to help mitigate environmental degradation, while developing policies that encourage environmentally sustainable industry by providing more benefits to non-polluting industries and levying a tax on polluting industries.
"OPEC members could also raise dumping duties on old, environmentally damaging technologies and allow foreign companies to use the most up-to-date technologies and environmentally friendly manufacturing practices in this respect."
The current issue and full-text archive of this journal is available on Emerald Insight at: https://www.emerald.com/insight/1750-6220.htm