He emphasized that Nigeria needs an annual investment of $17.7 billion to achieve the unconditional targets outlined in the country’s Nationally Determined Contributions (NDCs).
NDCs represent a nation’s comprehensive strategy for reducing emissions and adapting to climate-related challenges.
The President’s remarks were conveyed by Dr Ishiak Salako, the Minister of State for Environment, who further explained that Nigeria’s Energy Transition Plan necessitates a total investment of $1.9 trillion spanning up to the year 2060.
His statement reads: “In Nigeria, we have articulated our unchanging position to advance climate action without jeopardizing economic development. We designed an ambitious Energy Transition Plan to achieve universal access to energy by 2030 and net-zero emissions by 2060 while prioritizing industrialization, job creation, and economic growth.”
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Speaking further, the President talked about the FG’s plan to raise capital through Just Energy Transition Partnerships (JET-Ps) and the government is working to draft a proposal to the G7 for a JET-P for Nigeria.
He said: “We recognize that Just Energy Transition Partnerships (JET-Ps) are emerging as an important source of capital for climate-sensitive energy efforts in developing regions and Nigeria wants to be considered for one.
“My team is currently working on a proposal to the G7 for a JET-P for Nigeria. It is encouraging that South Africa and Senegal have secured JET-Ps, but they must be scaled up across Africa in addition to other strategic financing opportunities.”
The Africa Climate Summit concluded yesterday with a call from African leaders for a global tax against carbon-emitting countries for development work in countries affected by these emissions and climate change in general. (Source: nairametrics)
