ABUJA – The Federal Government yesterday appealed for support for the Energy Transition Plan (ETA), which is expected to cost about $1.9 trillion over the course of the next 60 years.
The plan, which calls for an annual investment of $10 billion to fund mini-grid and renewable energy projects, also aims to decarbonize Nigeria’s hydrocarbons.
Vice President Yemi Osinbajo lamented that, despite the international push for energy transition, very little funding had been channeled to African countries during the opening ceremony of the ECOWAS Sustainable Energy Forum, ESEF, which was a part of the International Energy Transition Week in Nigeria.
Prof. Osinbajo noted that the biggest obstacle to advancing action on energy access and climate goals in Africa continues to be a lack of access to finance, who was represented by the Minister of Power, Abubarkar Aliyu.
He said: “From 2000 to 2020, only 2%, or about USD 60 billion, of the USD 2.8 trillion invested in renewable energy went to Africa. “
“Only 7% of that, or about $4 billion, was given to West Africa. To achieve our objectives, the region must have access to enough capital, and we must do our part to foster the conditions that will allow for this to happen.”
“To emphasize the point, it is important to mention that up until 2060, Nigeria’s Energy Transition Plan (ETP) would require funding of about USD 1.9 trillion. Since USD410 billion of this amount is above average spending, we must mobilize an additional USD10 billion annually.”
“The effectiveness of crowding in these investments will determine the success of universal access to energy and carbon neutrality.”
“Our government intends to implement a series of policy changes that will draw funding and investments of up to $10 billion and enable the expansion of programs to more than $30 billion over the ensuing decades. “
“These programs and policy initiatives would be used as a springboard for the Nigeria ETP, which focuses specifically on renewable energy.”
Formerly, Dr. According to Omar Touray, only 10% of ECOWAS residents in rural areas had access to clean energy. He also stated that about half of the population did not have access to modern energy services.
If we want to succeed, energy security needs to be addressed, and access to funding and technology is essential.
“If the EU is the world’s leading climate change actor, it is not just because of the lofty objectives we have set for ourselves, but also because of our dedication to assisting others in achieving these objectives.”
“We unveiled the EU EU Africa Global Gateway investment package at the African Union/European Union summit, with the Africa EU Green Energy Initiative serving as a key component to either launch new investments or consolidate existing ones.”
“We intend to allocate 600 million euros in grants funding to the sustainable energy sector in West Africa alone under the auspices of the New World, the EU’s annual indicative program for 2021–2027. “
“The EU considers equity and I quote from the message that I have been asked to convey as a key partner in the domain of sustainable energy and has the wish and the vision for a close cooperation in the future”.
Reference: https://www.vanguardngr.com/2022/11/energy-transition-fg-seeks-global-support-for-nigerias-1-9trn-plan/