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FG seeks $10B funding for energy plan

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By Abraham Adekunle

Nigeria aims to raise funds to implement Energy Transition Plan ahead of COP27.

The Vice President of Nigeria, Prof Yemi Osinbajo, has said that the Federal Government of Nigeria aims to raise an initial $10 Billion in funding to implement its Energy Transition Plan ahead of COP27 climate talks, which is to be held later this year. The vice president said this during a virtual launch of the country’s energy transition road map. According to a government statement, Nigeria has already secured a $1.5 Billion pledge from the World Bank and the nation is in talks with the United States Export-Import Bank for an additional $1.5 Billion.

Osinbajo said that every African country has signed the Paris Agreement and some, which Nigeria inclusive, have announced net-zero pledges. However, lack of Electricity hurts livelihoods and destroys the dreams of hundreds of millions of young people. He said in a video address, “For Africa, the problem of energy Poverty is as important as our climate ambitions. Energy use is crucial for almost every conceivable aspect of development-wealth, health, nutrition, water, infrastructure, Education and life expectancy.”

Energy transition plan to lift 100 million out of poverty.

According to the statement, Nigeria’s Energy Transition Plan is designed to lift 100 people out of poverty in ten years. The plan will also drive economic growth, bring modern energy services to the people, and manage the expected long-term job losses in the oil sector due to global decarbonization. As the most populous country, Nigeria needs at least an additional $10 billion per year and a total of $410 billion to achieve its net-zero targets by 2060.

This news is second to the announcement days ago that the vice president is to launch an energy transition plan in Abuja. This plan is tailored to guide the country towards the twin objective of achieving universal access to energy by 2030 and a carbon-neutral energy system by 2060. The plan is supported by a number of organizations, including the World Bank. The plan will map out strategies for Nigeria to provide enough energy to the power industry and other productive uses in the country.

Nigeria’s net-zero ambition by 2060 still requires efforts.

In 2021 at the COP26 in Glasgow (UK), President Muhammadu Buhari affirmed the country’s net-zero target. Net-zero target of completely negating the amount of Greenhouse gases produced by human activity, which is to be achieved by reducing Emissions and implementing methods of absorbing carbon dioxide from the atmosphere. In other words, the Federal Government of Nigeria is committed to reducing the amount of carbon dioxide which is released into the atmosphere in the country as a result of activities such as burning fossils and firewood.

While the target of the government is geared towards a good cause for both the country and society at large, Nigeria still requires a lot of effort to realize this change. According to news reports with varied statistics, at least 50 percent of people in Nigerian communities still cook with firewood. Some reports indicate the quota as high as 80 percent. This occurrence is as a result of the need to find alternatives to the now-expensive cooking gas in the country while still trying to maintain status quo.

UNFCC parties to meet at COP27 later in 2022.

The United Nations Framework Convention on Climate Change (UNFCCC) is an international environmental treaty established to combat dangerous human interference with the climate system by stabilizing greenhouse gas concentrations in the atmosphere. The United Nations Climate Change Conferences are yearly conferences held in the framework of the UNFCCC, which serve as the formal meeting of the UNFCCC parties (known as Conference of the Parties, COP). The COP is the supreme governing body of an international convention, which is composed of representatives of the member states of the convention and accredited observers. COP27 will be held later in 2022.


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