Nigeria says it will continue its front line advocacy for just a transition in the funding of gas and fossil fuel projects.
The country maintains the position that funding of such projects in Nigeria and other developing countries be sustained during the global transition to net-zero emissions.
Vice President Yemi Osinbajo restated Nigeria’s position at a virtual meeting on Thursday with other top government officials, including the Ministers of Environment, Dr. Mohammad Mahmood Abubakar; Foreign Affairs, Geoffrey Onyeama; Minister of State, Environment, Mrs. Sharon Ikeazor; Minister of State for Power, Goddy Jedy-Agba, and the Permanent Secretary, Federal Ministry of Petroleum Resources, Mr. Bitrus Bako Nabasu.
Osinbajo asserted that Nigeria would play a critical role with other gas exporting countries to stop the de-funding of gas and fossil fuel projects in developing countries.
President Muhammadu Buhari had already declared in March that the country’s Decade of Gas “was a bold statement to demonstrate the Administration’s resolve that gas development and utilization should be a national priority.”
Before now, Prof. Osinbajo had, at different forums in the past months, raised the issue of financing of gas projects in developing countries, especially Nigeria, advocating for a just transition and more effective engagements since the campaign for the Net-Zero Emission by 2050 resumed.
Speaking at yesterday’s meeting, the Vice President noted that it was vital that the Forum of Gas Exporting Countries (GEC) join forces together to prevent the de-funding of gas and fossil fuel projects, especially from developing countries, by international bodies and institutions.
According to the vice president, concrete steps should be taken by the GEC Forum to stop further plans by international bodies and Western countries on de-funding of gas/fossil fuel projects as it does not benefit developing countries especially.
He noted that it was vital Nigeria plays a significant role in achieving a consensus with the GEC Forum on these issues, even as the 26th United Nations (UN) Climate Change Conference of the Parties (COP26) – which is scheduled to hold later this year – approaches.
The Vice President asked the Inter-ministerial committee on Climate Change, led by the Federal Ministry of Environment, to fine tune Nigeria’s position for COP26, while the Federal Ministry of Petroleum Resources would focus on strengthening the country’s strategy, particularly in its initiative to use gas as a transition fuel.
Both the Minister of State for Petroleum Resources, and Minister of Foreign Affairs were directed to work together, ensuring the GEC Forum reaches a consensus that reflects Nigeria’s advocacy on de-funding of gas projects.
Ime N
