The nation’s Vice-President, Prof. Yemi Osinbajo has stated that the sub-Saharan Africa (SSA) will need a yearly investment of $40 billion to develop and implement a robust energy transition plan.
He disclosed this at the 7th annual New York-based Columbia University global energy summit, stressing that investments in fossil fuels are being sustained in wealthier countries, banning gas investments in developing nations raised questions around equity, justice and inclusion.
Osinbajo, further suggested for a more just, equitable and inclusive global energy transition, especially among developing countries.
He also posited that having this in developing economies is central and important to the right to sustainable development and poverty eradication as enshrined in relevant global treaties, including the Paris Agreement.
“The global energy transition must be inclusive, equitable and just, taking into account the different realities of various economies and accommodating various pathways to net-zero by 2050.
“Nigeria and countries across Africa are committed to a net-zero future, especially given their vulnerability to the adverse effects of climate change.
“All have expressed commitment to their national development contributions under the Paris Agreement, however greater support in developing and implementing robust energy transition plans is needed.
“Clearly the continent will require an unprecedented scale of investments.
“An energy mix compatible with a 1.5°C pathway would require 40 billion dollars to flow into Sub-Saharan Africa annually, a fourfold increase compared to the $10 billion invested in 2018,” Osinbajo said.
He, however, explained that the pathways to reaching net-zero by 2050 had to include ending energy poverty first by 2030.
Osinbajo pointed out that if energy access issues were left unaddressed, there would continue to be growing energy demand being addressed with high polluting and deforesting fuels such as diesel, kerosene, and firewood.
Meanwhile, Secretary-General, World Energy Council, Ms. Angela Wilkinson, in her address, said the world energy issues monitor 2021 in March had the question of “energy justice” was an issue across the world, adding that “the emergence of a ‘gilet jaune’ movement in the energy sector would be a disaster. Doubly so for Africa.”