Africa needs an annual Venture of $40 billion to carry out a Powerful Energy Transition Agenda, Yemi Osinbajo divulged
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- According to NAN, Osinbajo stated this In his keynote address at the virtual 7th Annual New York-based Columbia University Global Energy Summit organized by the Columbia Centre on Global Energy Policy on May18th, 2021 in Abuja, NAN Osinbajo noted.
“Therefore, a just equitable, and inclusive global energy transition especially for developing economies is imperative. 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,” clarified Osinbajo.
He pinpointed that, the governments had affirmed responsibility to their national advancement subsidies under the Paris Agreement, though tremendous backing in evolving and enforcing vigorous energy transition plans is required.
“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 added.
He said that a just energy evolution for improving economies was prominent to the right to sustainable development and poverty eradication as enshrined in relevant global treaties, including the Paris Agreement.
“It means building sustainability into our economic planning. So, we have developed an Economic Sustainability Plan, which comprises our flagship ‘Solar Power Naija’ programme striving to electrify five million households and 25 million people by 2023 leveraging solar mini-grids and stand-alone systems.
“We believe in the potential of off-grid renewables to close the energy deficit in Nigeria and across Africa,” he mumbled.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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