Last year, the global demand for energy dropped triggering a significant decline in crude-oil, prices, a major source of foreign exchange receipt for Nigeria. Amid the drop was a temporary respite for the global ecology. Considering that exploration activities had to be tapered by 8.0% to manage the supply glut and prices, gas flaring activities according to the world bank report on gas flaring for 2020 also reduced 5.0% y/y, globally. Annually, large
amounts of carbon emission are released into the atmosphere leading to global warming and other environmental degrading concerns.
The United Nations Framework Convention on Climate Change (UNFCCC) was organized due to a global realization that global ecology is being degraded from sustained carbon emissions. The conception and establishment of the convention has continued to get Nations of the world to commit to reduced carbon emission and has given rise to the Kyoto protocol as agreed in Japan on 11 December 1997 before coming into force in 2005.