TheCable

President Bola Tinubu says the risks of transitioning to clean energy must be properly managed to ensure Africa does not become a victim of the sudden change that comes with mitigation measures.

Tinubu spoke on Saturday at a high-level event on ‘Africa’s green industrialisation’ on the sidelines of COP28.

He said Nigeria and Africa urgently require investments in alternative energy to fully and effectively transition, adding that the continent bears a disproportionate share of the economic burden for transitioning despite contributing the least to the climate problem.

The president said there is a need for new investments in critical sectors to leverage Africa’s potential contribution to the new global green economy while enabling the continent to effectively adapt and transition.

“Global manufacturers must partner with us to invest in the health of our collective environment,” he said. 

“Africa doubles as an unrivalled opportunity in this respect. We are removing all obstacles that are inhibiting progress as Africa’s largest economy. The investment environment is becoming cleaner and better.

“But how will Africa not be a victim of all these changes? How do we get value for our resources? We all agree that the earth is crying for healing, but how do you tell a grandmother to stop using firewood to prepare her food? It is for me to invest in solar energy, and alternative energy.

“Here, you must encourage investment, and equally consider: how would this investment affect us? Yes, we have the market and sufficient housing that you can electrify with solar panels. 

“There is iron ore; there is investment there, too. Risk management is very key for Africa. The opportunities must be translated soonest. We are moving forward with urgency, and we will maximise the value given in return for those resources.”