Investment in renewable energy to get boost

In from Ali Smart…

Nigeria stands to benefit from over $3.7trillion solar power investments in the next 25 years.

This was stated by Nancy Gilbert, PIND Manager in charge of the Appropriate Technology Enable Development, Chevron, in Warri, Delta State, while speaking at the inauguration of the innovative, energy-efficient ‘Appropriate Technology Demonstration Centre’ in Egbokodo, Warri South West Local Government Area of the state.

She noted that climate change and its attendant effects, coupled with poverty pose great challenge for Nigeria and the African continent, particularly in the Niger Delta region, and that this opens new vistas in investments, “opportunities, new and different jobs in the search for innovation and change to improve the environment.

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“For example solar power is getting cheaper and cheaper. As a result investments are going up: Globally $3.7 trillion in solar investments are expected between now and 2040.

“Solar alone will account for more than a third of new power capacity worldwide. And this revolution will be decentralised.

“The biggest solar revolution will take place on rooftops – in Paris, Los Angeles and in Warri. High electricity prices and cheap residential battery storage will make small scale rooftop solar very attractive,” Gilbert added.

The demonstration centre is one of the Chevron Corporation sponsored-foundation’s efforts to show how alternative technologies can help reduce global warming and tackle other environmental challenges, using local but environmental friendly materials.

The centre is touted to require less than 75 per cent of conventional energy need in similarly buildings.

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