The Nigerian government has advocated that the International Community should preserve financing for gas projects in Nigeria and other developing countries, during the transition to net-zero emission.
Vice President Yemi Osinbajo made the appeal yesterday at a meeting with a delegation of the European Union (EU) Commission led by its Executive Vice President, Mr. Valdes Dombrovskis, on the planned transition to net-zero emission.
According to the Vice President, “the forthcoming deployment of the 5million Solar Power connections targeting 25 million households across the country under the Economic Sustainability Plan (ESP) reaffirms Nigeria’s commitment to the global green energy initiative”. Therefore, the new restrictions on financing downstream developments, well intended as some of these actions may be, is clear to us that they would disregard the importance of gas as a means of urgently addressing energy poverty for us and countries such as ours.
He further advocated that a just transition to net-zero emissions where gas as a fossil is still supported, especially for those of us in this part of the world is absolutely important, especially as it will enable us to phase-out more polluting fuels such as coal and diesel.
Reacting to the VP’s advocacy for sustained financing of gas investments in Nigeria and other developing countries, the Executive Vice President of the European Union Commission, Mr. Valdis Dombrovskis stated that the decision to phase out investments in fossil fuels was in line with the organization’s policy on promoting green energy initiatives.
He urged the relevant authorities to explore the caveat in the financing instruments to seek other ways of attracting investments for projects in the gas sector, adding that the Commission’s plan is to increase its external investment capacities.