Vice President Yemi Osinbajo says Sub-Saharan Africa will require an annual investment of $40 billion to implement a robust energy transition plan.
According to NAN, Osinbajo stated this in his keynote speech at the virtual 7th Annual New York-based Columbia University Global Energy Summit organized by the Columbia Centre on Global Energy Policy on Tuesday in Abuja.
He said, “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,” explained Mr Osinbajo.
He pointed out that the countries had expressed commitment to their national development contributions under the Paris Agreement, though 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,” added the vice president.
The vice president explained that a just energy transition for developing economies was central 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 includes our flagship ‘Solar Power Naija’ programme aiming 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 said.