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Nigeria seeks $400 billion ETP funds

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By Abdulwasiu Usman

The country seeks ETP funds from developed countries, climate change partners.

Nigeria seeks to take the lead in enabling a just and equitable climate future for Africa, as the Nigerian Government strives to secure 400 billion dollars in commitments from developed countries and partners on climate change to fund the Energy Transition Plan (ETP). This was disclosed to the News Agency of Nigeria (NAN), by Minister of Environment Mohammed Abdullahi, on the sideline of the annual global event. NAN reported that implementable negotiations would continue on Tuesday at Sharm El Sheikh, Egypt, where the global conference on climate change (COP27) will be held.

Abdullahi, who led the Nigeria delegation to the climate change conference, asserts that the country is anticipating an “outstanding affirmative commitment” from partners and developed countries in terms of funding to mitigate the effects of climate change. He stressed that funding would be allocated to particular areas of interest; for example, if the issue is ETP, the goal is $400 billion; if the issue is loss and damage, the goal is set much higher seeing as it affects developing nations as a whole.

Nigeria has developed ETP that focuses on fossil fuels, Nigerian gas.

Furthermore, he said that the country’s goal in the Sahel to partner with the Great Green Wall is 18.5 billion Euros, the amount pledged by French President Emmanuel Macron at the One Planet Summit. However, Abdullahi notes that a strategy that takes into account all types of energy accessible to the nation has been put in place, so the country will not just forsake oil and gas in fulfilment of the global energy transition trend. Also, between now and 2035, the country has developed an energy transition plan that contemplates fossil fuels and Nigerian gas as the primary transition energy source.

The minister elaborates, saying that during this period, the nation is reliant on its oil and gas industry whilst simultaneously developing pari-passu, an independent energy transition that aims to attain renewable energy and primarily to provide infrastructure for mini solar grids. Abdullahi made it clear that the issue of developing countries seeking compensation for loss and damage caused by climate change was not unique to Nigeria. He attributed the happenings to industrialization and the unfavorable application of industrial priorities to the disadvantage of African and emerging countries for the current state of affairs in most of the world’s most impoverished countries.

The Energy Transition Plan receives early funding.

Implementation of the nation’s Energy Transition Plan (ETP), recently initiated by this administration, primarily relies on funding mobilization from developed countries and partners on climate change. Funding of at least $10 billion per year over business-as-usual spending until 2060 is needed to execute Nigeria’s Energy Transition Plan (ETP) effectively. Meanwhile, the Nigeria Energy Transition Plan has received an early funding commitment of $3 billion from the World Bank and a renewable energy group, Sun Africa.

While speaking at the virtual launch of the ETP, Professor Yemi Osibanjo, Vice President of Nigeria, said the country is currently engaging with partners to secure an initial $10 billion support package ahead of COP27 along the lines of the South African Just Energy Transition Partnership with the country, announced at the COP26 held in Glasgow. Prof. Osibanjo highlighted the significant scale of resources required to attain both development and climate ambitions, noting that Africa’s increasing energy gaps require a concerted effort to take ownership of the continent’s transition pathways.

Nigeria’s ETP aims to address energy poverty and climate change crises.

Nigeria’s Energy Transition Plan is an excellent illustration of the type of policy evolution that is needed to provide for both the rise in energy consumption essential for development and the climate response crucial for the survival of our planet. Specifically, it aims to address crises of energy poverty and climate change, providing universal energy access (SDG7) by 2030 and reaching net-zero emissions by 2060. In addition, the plan is a more forceful expression of the country’s commitment to sustainability and renewables, as outlined in the Power Vision 30:30:30, which aims to deliver 30 GW of electricity by 2030, with renewable energy contributing at least 30% to the energy mix.


Related Links

NETP: Website

Wikipedia: Website


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Ultra0711
Ultra0711
1 year ago

Nigeria’s Energy Transition Plan is undoubtedly a great evolutionary project to implement as it bears a lot of beneficial factors to the country and its continent as a whole.

jdpumping
jdpumping
1 year ago

I hope the ETP funds been solicited for will be used judiciously for he use of climate change in order to help the citizenry to cushion the effects .

Tonerol10
Tonerol10
1 year ago

seeks ETP funds from developed countries, climate change partners. no problem hope it will be use well

SarahDiv
SarahDiv
1 year ago

I hope the funds that will be gotten from the developed countries for the Energy Transition Project will be used for that very purpose?

DimOla
DimOla
1 year ago

Nigeria is seeking for ETP fund of $400 billion from developed countries who are partners in the ETP to be able to adopt the reduced energy transmission target by 2060. Already the world bank has given the Nigerian government $3billion to commence with the project.

Adeolastan
Adeolastan
1 year ago

All the money that has been boring concerning this issue has not have any effect on citizen.

theApr
theApr
1 year ago

Hopefully the funds would be channeled to appropriate quarters when received. We just keep borrowing and seeking funds all over the place. The country is heavily indebted, yet we can’t see what the money was used for.

Remi1
Remi1
1 year ago

The Nigerian Energy Transition Plan is a great example of the kind of policy evolution required to accommodate both the increase in energy use necessary for growth and the climate reaction critical for our planet’s future.