Pan-Atlantic University (PAU) hosted its 26th inaugural lecture, delivered by Professor Ekundayo Peter Mesagan, Professor of Energy and Environmental Economics in the School of Management and Social Sciences (SMSS), at the Honeywell Group Auditorium, Lagos Business School.
At the inaugural lecturer, the PAU Vice-Chancellor, Professor Enase Okonedo, described Professor Mesagan as “an economist, researcher and policy advisor whose work spans energy and environmental economics, industrial policy, natural resources and sustainable economic development.”
Delivering the lecture titled: ‘Making Lemonade from Lemons: The Fossil Energy & Sustainability Puzzle’, Mesagan examined the tension between the global push for environmental sustainability and the developmental realities of oil-rich and energy-deficient nations. He framed the discussion with a central question: “In the last few decades, the global argument for environmental sustainability has been that we should deemphasise the use of fossil energy while scaling up other forms of energy that are less carbon-dioxide emitting. Is this true or not? What should happen to oil-rich nations, especially developing countries? Should they fold up, or should they seek alternative sources of income for financing their projects?”
He argued that the energy transition is far more complex than simply substituting fossil fuels with renewables, as technological and cost constraints mean fossil fuels will remain part of the global energy mix for the foreseeable future.