Tuesday, February 27, 2024
MARKET UPDATE
Advertisement

TheCable

Advertisement

ACS23: Nigeria working on just energy partnership to accelerate transition, says Tinubu

ACS23: Nigeria working on just energy partnership to accelerate transition, says Tinubu
September 05
16:41 2023

President Bola Tinubu says Nigeria is working to secure a just energy transition partnership (JETP) to aid the country’s power transition targets. 

JETP is a financing mechanism designed to help developing economies relying on fossil fuels to transition to clean energy through self-defined pathways.

At the moment, only South Africa and Senegal have been able to sign JETP deals worth billions of dollars to catalyse investments in renewable energy generation in Africa. 

Speaking at the ongoing Africa Climate summit in Nairobi, Kenya, Tinubu said Nigeria seeks to be considered for JETP, noting that the financing scheme is fast becoming “a source of capital for climate-sensitive energy efforts”.  

Advertisement

The president, who was represented by Ishaq Salako, minister of state for environment, said such and other financial opportunities must be scaled up across Africa. 

“We recognise that just energy transition partnerships are emerging as an important source of capital for climate-sensitive energy efforts in developing regions, and Nigeria wants to be considered for one,” he said.  

“My team is currently working on a proposal for the G7 for JETP for Nigeria. It is encouraging that South Africa and Senegal have secured JETPs but they must be scaled up across Africa in addition to other strategic financing opportunities.”

Advertisement

Tinubu said the summit is evidence that Africa is rising up to the challenges and taking decisive steps to deliver a sustainable future for its people.

He added that “climate action and environmental sustainability are central” to his government’s agenda. 

MORE FUNDING NEEDED FOR SUB-SAHARAN AFRICA

Salako, minister of state for environment

Speaking about Nigeria’s energy transition plan (ETP), Tinubu said the “ambitious” programme aims to achieve universal access to energy by 2030 and net-zero emissions by 2060, while prioritising industrialisation, job creation and economic growth. 

Advertisement

The president emphasised that the country needs “$1.9 trillion in spending up to 2060, including $410 billion above business as usual spending” to achieve the ETP.

“Similarly, the unconditional targets in our nationally determined contributions require $17.7 million in investment annually,” he added.  

He called for more investments and funding to Sub-Saharan Africa, noting that “the annual climate finance flows to Africa are currently 11 percent of what we require”. 

The president, who highlighted Nigeria’s efforts at establishing partnerships to advance renewable energy and explore innovative financing mechanisms, assured world leaders of the country’s commitment to climate actions.

Advertisement


Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!

Tags

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

error: Content is protected from copying.