The federal government has launched Nigeria’s energy transition plan which it says is part of its strategy to achieve universal energy access by 2030 and a carbon-neutral economy by 2060.
Vice-President Yemi Osinbajo made this known on Wednesday, at the global launch where he said that the plan was designed to tackle climate change crisis and energy poverty and also deliver sustainable development goal seven (SDG7) by 2030 and net zero by 2060.
According to the VP, the latest plan will, among other things, lift at least 100 million people out of poverty, reduce Nigeria’s carbon footprint, drive economic growth and create jobs.
He maintained that it was time for Nigeria and entire Africa to assume ownership of transition pathways and design climate-sensitive strategies that address peculiar growth objectives.
Read also: USDA invests $121m to combat climate change in America
“There is a clear need for African nations to engage more critically and vocally in conversations on our global climate future,” VP Osinbajo said during the launch of the plan.
He noted that while the plan centres on the provision of energy for development, industrialization and economic growth, it is also anchored on key objectives, including lifting 100 million people out of poverty in a decade, driving economic growth, bringing modern energy services to the full population and managing the expected long term job loss in the oil sector due to global decarbonisation.
“Given these objectives, the plan recognises the role of natural gas in the short term to facilitate the establishment of this low energy capacity and address the nation’s clean cooking deficit in the form of LPG,” he said.
Speaking further, he said, “the plan envisions vibrant industries powered by low carbon technologies, streets lined with electric vehicles, and livelihoods enabled by sufficient and clean energy”.
He further explained that the plan has the potential to create about 340,000 jobs by 2030 and 840,000 jobs by 2060 and that it presents a unique opportunity to deliver truly low carbon and rapid development model in Africa’s largest economy.
Osinbajo also explained that the transition plan requires a significant scale of resources which includes spending $410 billion by 2060, adding that Nigeria has set up an inter-ministerial energy transition implementation working group and is currently engaging with partners to secure an initial $10 billion support package ahead of COP27.
Story was adapted from the cable.