The clean energy project in Nigeria and Africa has brought major concerns to the Vice President of the Federal Republic of Nigeria, Professor Yemi Osinbajo.
The issue is causing the Vice President to lament as both foreign and local investors have resolved to withdraw or completely halt critical funding for the region’s fossil fuel projects.
He expressed his disappointment during a virtual conference on Friday. He spoke on “Climate, Conflict, and Demography in Africa,” jointly hosted by the International Crisis Group, the Royal African Society, and African Confidential publications.
In his words, Osinbajo said the conscious attempts by global financiers to withhold expenditures on such innovative projects is a clear violation of the “principles of equity and justice enshrined in global agreements.”
It would be recalled that Prof Osinbajo had on several occasions in the past promoted the cause for a “just transition” that does not restrict the financing of gas projects on the continent.
The Vice President believes that the investors’ decisions need to be revisited, adding that it would be a heavy setback to achieving universal energy access if their options scale through.
He further noted that gas could play the crucial role of a bridge fuel for developing countries, help increase clean energy share in the energy mix, and rapidly transition away from firewood-based cooking fuel to natural gas-based cooking, which has both environmental and health benefits for millions.
However, Osinbajo added that it is unfortunate that the continent is “being compelled to make disproportionately huge sacrifices” even as developed countries insist that defunding gas projects are an essential component of the drive towards net-zero emissions by 2030.