Carbon (CO2) Emissions by Prosumers: Analysis of Nigerian Banks

Dark soot has been reported in many Chinese cities and in the main oil-producing city of Nigeria - Port Harcourt. Many acknowledge that the emissions are hazardous to health and environment but fail to explain the cause. Against this background, this paper assesses the carbon emissions of energy prosumers in the Nigerian banking sector. Primary data of energy generation, fuel use, capacity of generating plant, age of plant and hours of power generation was collected through questionnaire. The sampling instrument was administered to twenty commercial banks to determine their off-grid energy presumption. Data obtained was used to determine associated CO2 emissions resulting from the combustion of diesel. The study reveals that power generation varies across prosumers in the banking sector. Therefore, they emit different quantities of CO2. In addition, it was discovered that the twenty commercials banks considered in Trans-Amadi Industrial area of Port Harcourt emit around 1,453.96 tonnes of CO2 per annum - equivalent to the emissions of 2,600 Nigerians per annum. The research outcome provides an empirical basis for determining the carbon footprint of commercial banks in Port Harcourt. Based on the findings it is recommended that to reduce CO2 emission; the government should initiate an emission cap policy. Furthermore, gas and renewable energy options with prosumage could be adopted by the banks. If put in place, the recommendations will result in reduced CO2 emission, increased profitability of commercial banks and government revenue.