Minister of State, Federal Ministry of Environment, Iziaq Salako
The Minister of State, Federal Ministry of Environment, Iziaq Salako, on Thursday, said Nigeria’s Energy Transition Plan would require $1.9 trillion in spending up to the year 2060, including $410 billion above business-as-usual spending.
This additional financing requirement, he disclosed, translates to about $10 billion per annum but average international financing flows to Nigeria for clean energy have been about $655 million per year over the past decade.
Similarly, Salako explained that the unconditional target in Nigeria’s Nationally Determined Contributions (NDCs) required $17.7 billion in investments annually.
The minister made the disclosure to journalists at the Nnamdi Azikiwe International Airport, Abuja; shortly after arriving from the inaugural AU Africa Climate Summit held in Nairobi, Kenya
Salako, who delivered the president’s speech at the event said: “We designed an ambitious Energy Transition Plan to achieve universal access to energy by 2030 and net-zero emissions by 2060 while prioritising industrialisation, job creation, and economic growth.
“Significantly, our plan helps to crystallise the scale of resources needed to deliver climate targets, so that the current financial flows will not suffice.”
He further added: “We have established that the developed world contributes to the problem of climate change, the solution is in Africa and for the first time, Africa was able to speak with one voice and come out with the Nairobi declaration which talks a lot about the need for the developed world to treat Africa as one.
“Not just given handouts or aids but more or less paying for what they have caused in terms of supporting green transitions, green jobs, energy transition to more sustainable ones and that is in general terms for Africa.
“For Nigeria, we were able to establish that the bold step taken by President Tinubu to remove subsidy from fossil fuel is not just an economic decision because if you look at the data, you will find out between when the subsidy was removed and now, consumption of fossil fuel has gone down by almost 30 percent and if you quantify that in terms of emissions, it is running into millions of tons that we have been able to reduce.
“So, Africa leaders have been able to declare that removal of fuel subsidy is a survival decision and it has helped Nigeria to refocus as we are now exploring alternatives.”
Continuing, he maintained that continentally, Africa has been able to put together and show that the issue of climate that Africa is bearing the brunt of a climate crisis which is a creation of the developed world.
Kasim Sumaina
Follow us on:
President Bola Tinubu on Friday declared that his purpose for seeking the nation's number one…
Kano state government is partnering Tony Blair Institute for Global Change to attract $23.5 million…
Nigeria's federal government has said it is currently reviewing the nation’s legal frameworks, among other…
The Nnamdi Azikiwe International Airport, Abuja, and the Port Harcourt International Airport have been recognised…
https://cdn.veri.app/13646108-d5ec-478b-a54c-b01f60dbca29.mp4 President Bola Ahmed Tinubu On Thursday directed Vice President, Kashim Shettima to lead Nigeria’s…
The United Sates (US) Vice President Kamala Harris has expressed her willingness to use her…
View Comments
!!!! Rice!!!!:
•Mama Africa #15,000 •Tomatoes Rice #15,000 •Cap Rice #15,000 •My Food #17,000 •Mama Gold #15,500 •Ade Brazil #15,000 •Elephant Gold #15,000 •Royal Umbrella #15,000 Etc.
•Some Auction Vehicles And Prices:
•Toyota Camry(2.2) #N750,000 •Toyota Camry Spider #1.2Million •Toyota Camry(2.4 ) #850,000 •Toyota Corolla #800,000 •Toyota Hiace Bus #1Million •Toyota Highlander #1Million •Toyota Hilux #1Million •Toyota Matrix #800,000 •Toyota Rav4 #1Million •Toyota Sienna #1Million •Toyota Venza #2.2Million Etc.
•Volkswagen Golf-3 #500,000 •Volkswagen Golf-4 #500,000 •Volkswagen Passat #N750,000 Etc.
•Honda Baby Boy #500,000 •Honda Accord EOD #600,000 •Honda Crosstour #2Million •Honda CR-V #850,000 •Honda Pilot #1.Million Etc.O91 5608 9111 }
•Lexus Es300 #850,000 •Lexus Es330 #1Million •Lexus Rx300 #900k •Lexus Rx330 #1.2Million •Lexus Rx350 #1.5Million •Lexus GX470 #3Million Etc.
•Mercedes ML350 #1.6Million •Mercedes C230 #900,000 •Mercedes GL450 #2.4Million •Mercedes GLK #2.9Million #AND_MORE.
•NOTE: ALL VEHICLE ENGINE ARE IN PERFECT CONDITION, WE DELIVER TO THE 36-STATE IN NIGERIA.