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OSINBAJO ON ENERGY TRANSITION PLAN

A few days to the commencement of the COP26 holding in the United Kingdom, Nigeria’s expectation is that more developed countries will change the direction of the conversation around energy transition, in favour of Africa at the global Summit.

Vice President Yemi Osinbajo stated this at a virtual panel discussion on “A Just Transition: Balancing Climate Mitigation with Africa’s Development”, organized by the Tony Blair Institute for Global Change.

The COP26 summit, scheduled to hold in Glasgow, Scotland, from October 31 to November 12, will bring the global community together to accelerate action towards the goals of the Paris Agreement and the United Nations Framework Convention on Climate Change.

Talking about the expectations, Vice President Osinbajo noted that conversations at the forthcoming Climate Change Conference , must be tilted in favour of Africa, and will be an opportunity to engage and change the direction of the current conversation especially as it affects Africa.

The Vice President also explained that Nigeria already has a plan for the transition, explaining that the Federal Government is also on the verge of operationalizing an InfraCo, a fifteen trillion naira Infrastructure Fund, which could have a dedicated green finance component as well as projects to reduce emissions from main pollutant activities in Nigeria.

Earlier in his submissions, former UK Prime Minister, Tony Blair called for a new partnership with Africa on Climate Change, noting that it is going to be necessary to use gas as a transitional fuel, and doing that is essential, not only for development, but also for the environment.
He said the partnership will also help put the projects for clean energy and development in Africa on an investable footing.
Blair noted that when people invest in Africa, the rates of returns are very good and the risks are not as great as people think they are.

Senior Special Assistant to the President on Media and Publicity in the office of the Vice President, Laolu Akande, in a release indicated that on the panel were the President of Tanzania, Samia Suluhu Hassan, and the Executive Secretary of the United Nations Economic Commission for Africa, Dr Vera Songwe.

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