TheCable

Vice-President Yemi Osinbajo says Africa has the potential to become the solution to the net zero ambition of the world.

Speaking on Sunday, in Nairobi, Kenya at a meeting tagged ‘Africa-Europe Earthshot: 2023 Milestone Map’, Osinbajo said he endorses the idea of setting the agenda for the Africa-Europe cooperation on just energy future.

The theme of the meeting was “Unlocking Investment for a Just Energy Future.’’

The session was part of activities lined up for the 2023 Mo Ibrahim governance weekend.

“I think that agenda is important — the climate positive growth agenda — that we have heard. And I think in the past couple of days, it has been exciting to hear President William Ruto speak so eloquently and so articulately,” Osinbajo said.

“For me, the next steps are crucial. First, we need to get African governments and heads of state around this agenda and that is crucial because it is one climate positive that is a win-win situation for Africa and the rest of the world.

“It certainly needs a lot of fleshing out and a lot more in terms of getting African governments in particular to understand our place in it and how to take this forward.

“Every government already has a plan. In Nigeria, for example, we are not probably a country you think of when it comes to a green economy. But the truth is that Nigeria’s hydro power has the core of its energy resources.

“Our energy transition plan as well as renewable energy plan both emphasise great ambitions for renewable energy.’’

Osinbajo said as a country rich in gas, the question should be on how Nigeria would be able to emphasise on the trade-offs and the actual benefits.

The vice-president said there is need to present to each government, where the benefits and trade-offs might lie so that consensus could be reached quickly and effectively.

“The other thing is that our partners, that’s the rest of the world, has to be convinced that this is win-win; and I think that is another part of where we ought to be,” Osinbajo said.

“I like the way that Ruto put it — that it is not us versus them; it is us all versus the existential threat of climate change.

“I think it is important to emphasise that is win-win because instead of seeing the usual narrative of Africa — the least emitter and the worst sufferer — we are saying Africa can be the solution to the net zero ambitions of the entire world.

“And how is that going to happen? It will happen because we have everything that it takes — youth population, renewable resources in the magnitude that no one else has.’’

‘AFRICA WANTS EQUITY’

Osinbajo said Africa, with its abundant natural resources, need to expedite action towards achieving a carbon-intensive path to upper-middle-income growth that others have attained.

He said Africa must be clear with what it wants from the rest of the world.

“We are talking about carbon market; we want equitable and fair carbon market; we want access to markets that are fair and just; we want capital,” Osinbajo added.

“Capital is important because the investments that are required in other to make these things happen will not come from Africa; they are going to come from our partners in the rest of the world.

“I am very excited about the prospects and I believe that Nigeria will be a very strong partner in this journey and I look forward to working with all of our partners in Africa and Europe to make all these happen.”