Africa Climate Summit 2023: Nigeria to advance climate action without jeopardizing economic development ...needs $1.9 trillion for energy transition plan
By Adetokunbo FAKEYE
Nigeria President Bola Tinubu on Tuesday, 5th September, 2023 at the ongoing Africa Climate Summit in Nairobi, Kenya said, the country has articulated an unchanging position to advance climate action without jeopardizing economic development.
The country, according to President Bola Tinubu, who stated this while delivering his remarks through Dr. Iziaq Salako, Minister of State for Environment, has designed an ambitious Energy Transition Plan to achieve universal access to energy by 2030 and net-zero emissions by 2060 while prioritizing industrialization, job creation, and economic growth.
"Significantly, our plan helps to crystallize the scale of resources needed to deliver climate targets, so that the current financial flows will not suffice. Nigeria’s Energy Transition Plan requires $1.9 trillion in spending up to 2060, including $410 billion above business-as-usual spending. This additional financing requirement translates to about $10 billion per annum but average international financing flows to Nigeria for clean energy have been about $655 million per year over the past decade.
"Similarly, the unconditional target in our Nationally Determined Contributions (NDCs) requires $17.7 billion in investments annually. In 2019/2020, all Sub-Saharan Africa received barely approximately 20 billion USD in climate finance. Annual climate finance flows to Africa are currently just 11% of what we require so more investments have to come to the continent.
"For us in Nigeria, we are presently establishing partnerships with both public and private sector players, driving innovative policy changes, advancing renewable energy projects including on-grid solar and electric vehicle deployment, and exploring innovative financing mechanisms like carbon trading to lay the foundation for an all-encompassing transition.
"I recently made public the key focus of my government captured as an eight-point agenda. Climate action and environmental sustainability is central to achieving four of those agenda which are Food Security, Poverty eradication, Sustainable Job creation, and Security.
"We recognize that Just Energy Transition Partnerships (JET-Ps) are emerging as an important source of capital for climate-sensitive energy efforts in developing regions and Nigeria wants to be considered for one. My team is currently working on a proposal to the G7 for a JET-P for Nigeria. It is encouraging that South Africa and Senegal have secured JET-Ps, but they must be scaled up across Africa in addition to other strategic financing opportunities.
"This summit is essential for highlighting such requests, sharing ongoing efforts, and establishing inter-country collaboration", President Tinubu stated.
What's Your Reaction?
