Nigeria’ll require $410bn investments to achieve net zero by 2060 —Osinbajo
Vice President Yemi Osinbajo says Nigeria would require investments of up to 410 billion dollars to achieve net-zero by 2060.
He was quoted as saying this by his spokesperson, Laolu Akande who delivered on his behalf, the keynote address at the World Liquefied Petroleum Gas Association (WLPGA) Forum in Dubai, United Arab Emirates.
The week-long event, themed “Energising Tomorrow”, provided the Vice President the platform to further elaborate on critical role of the natural gas, especially Liquefied Petroleum Gas (LPG) would play in addressing the clean cooking challenge, as well providing grid stability to integrate renewables at scale.
In his address, Osinbajo said LPG and natural gas were sustainable energy fuels that could address both climate change and energy poverty simultaneously.
He said the Federal Government had developed an energy transition plan “which showed that achieving net-zero by 2060 would require investments of about 410 billion dollars, above business as usual.”
“The world should not have to choose between energy poverty and climate change as this could be addressed with both natural gas and Liquefied Petroleum Gas as transition fuels alongside other renewable sources.
On Energy transition, Osinbajo disclosed that Nigeria’s energy transition plan was tied to adopting and domesticating all forms of cleaner energy, adding that the use of LPG as a transition fuel was the viable option for the country to address climate change and energy poverty.
He argued that for a gas-rich country like Nigeria, the most viable option in terms of balancing energy security with environmental sustainability would be the use of LPG as a transition fuel.
To this end, he said Nigeria had developed an integrated energy plan with a clean cooking model, which showcased the clean cooking opportunities across technologies such as electric cooking and LPG.
He noted that for countries like Nigeria, which had ample natural resources but was still energy-poor, energy transition fuels must possess certain qualities including affordability, reliability, equity, and inclusiveness.
He emphasised that the implementation of various initiatives and legal frameworks on LPG elevates it as the fuel of choice compared to other competing fuels.
Osinbajo further explained that the government has “consummated collaboration with the European Union (EU) through a study on CO2 savings based on the National LPG Expansion Implementation Programme for clean cooking.”
He therefore urged that “The world should not have to choose between energy poverty and climate change as this can be addressed with both natural gas and LPG as transition fuels alongside other renewable sources.”
