Nigeria Hopes To Meet Energy Transition Partnerships (JET-Ps)

The Nigerian government says it is currently working on a proposal to G7 for a Just Energy Transition Partnerships (JET-Ps) for Nigeria.

Nigeria’s Minster of Environment, Dr Iziaq Salako stated this at a high level Leaders event of the Africa Climate Summit holding in Kenya,
He also noted that Nigeria plan would help to crystallize the scale of resources needed to deliver climate targets.

“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. 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 Minister said.

“Nigeria’s Energy Transition Plan requires $1.9 trillion in spending up to 2060, including $410 billion above business-as-usual spending. This additional financing requirement 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.” Dr Salako said.

He also said ” Similarly, the unconditional target in our Nationally Determined Contributions (NDCs) requires $17.7 billion in investments annually. In 2019/2020, all Sub-Saharan Africa received barely approximately 20 billion USD in climate finance. Annual climate finance flows to Africa are currently just 11% of what we require so more investments have to come to the continent.”

The Minister also reiterated government position to advance climate action without jeopardizing economic development of the country.

The Minister, said that Nigeria has 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.

“This event as well as our recent efforts and advocacy on the topic of climate change boldly demonstrate to the global community that Africa is rising to the challenge and taking decisive steps to deliver a sustainable economic future for our people.” He stated.

He also noted that the African Climate Summit would help the continent to spotlight its priorities, solutions, and needs regarding climate action to the global community.

“As a continent, it is critical that climate action spurs socioeconomic development for us. We know that with robust planning and increased investments in the region, this is achievable. Africa is already bearing the brunt of a climate crisis it did not cause but our continent, with our significant renewable energy resources, critical minerals, vast carbon sinks, and growing population, can be a strong solution center. “ he explained

The Minister assured of his unwavering support for President Bola Tinubu in achieving his renewed hope agenda in achieving four of those agenda which are Food Security, Poverty eradication, Sustainable Job creation, and Security.