Expert Explores Fossil Energy, Sustainability Puzzle at PAU

Pan-Atlantic University (PAU) held its 26th inaugural lecture, addressed by Professor Ekundayo Peter Mesagan, Professor of Energy and Environmental Economics at the School of Management and Social Sciences (SMSS). In the lecture hall of the Honeywell Group Auditorium at Lagos Business School, PAU's Vice-Chancellor, Professor Enase Okonedo, praised Professor Mesagan for his contributions to energy and environmental economics, industrial policy, natural resources, and sustainable economic development.

In his lecture, titled 'Making Lemonade from Lemons: The Fossil Energy & Sustainability Puzzle', Mesagan explored the conflict between the global call for environmental sustainability and the practical demands of oil-rich and energy-poor countries. He presented a key inquiry: "In recent decades, the global consensus has been to reduce reliance on fossil energy while promoting less carbon-intensive energy sources.

Is this approach correct, and how should oil-rich nations, particularly developing countries, respond? Should they abandon oil production entirely, or explore alternative income sources for their projects?"

Mesagan contended that the shift from fossil fuels to renewable energy is far more intricate than merely replacing one with the other. Technological and financial limitations suggest that fossil fuels will continue to play a significant role in the global energy landscape in the foreseeable future.