STATE HOUSE PRESS RELEASE
OFFICE OF THE VICE PRESIDENT
DON’T BLOCK FINANCING FOR GAS INVESTMENTS YET, OSINBAJO INSISTS IN DIALOGUE WITH EU
*VP adds: “Our commitment to electricity transition is firm”
The forthcoming deployment of the 5 million 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.
“A just transition to net-zero emissions, probably one where gas as a fossil fuel 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”, according to Vice President Yemi Osinbajo, SAN.
Prof. Osinbajo made the submissions yesterday during a meeting with a delegation of the European Union (EU) led by its Executive Vice President, Mr Valdis Dombrovskis, maintaining the advocacy that the international community should preserve financing for gas projects in Nigeria and other developing countries, during the transition to net-zero emission.
Discussions at the assembly held honestly centered on bilateral funding agreements among Nigeria and the EU reducing throughout numerous regions consisting of era, highbrow assets rights, research and innovation, humanitarian help, energy get admission to, and renewable strength.
According to the Vice President, “a point which I assume we are able to talk about is the form of help that we are hoping to get from the EU particularly with recognize to ensuring that we meet our dedication to internet-zero emissions with the aid of 2050.
“Our dedication to electricity transition is corporation, and we assume that for us, it's miles a place of comparative gain. So, we are hoping to leverage that. I think that we will once more be very happy to work on improving the funding surroundings to make certain that we are able to work as a good deal as feasible with the EU companions.”
Emphasizing the want to leverage possibilities to construct a more potent partnership with the EU within the fuel region, the Vice President said Nigeria will explore the caveat inside the EU green electricity financing instrument to are trying to find higher ways of financing for gasoline tasks in the usa.
He stated: “What we see is a growing trend among improvement financial institutions to withdraw from fossil gasoline investment and these days, the World Bank’s decision to stop funding for upstream oil and gasoline improvement. The new regulations on financing downstream trends seem like taken into consideration by using a few international locations within the West.
“We agree with that well-intended as some of these movements can be, it's far clean to us that they could dismiss the significance of gasoline as a way of urgently addressing power poverty for us and countries which includes ours.”
Prof. Osinbajo recently has been elevating the issue of financing of gas projects in Nigeria and different growing nations, advocating for more powerful engagements since the campaign for the Net-Zero Emission through 2050 resumed.
At a assembly with the British Member of Parliament and COP26 President-Designate, Mr. Alok Sharma, last month, Prof. Osinbajo restated Nigeria’s guide and dedication to the Climate Change settlement however noted the planned restrictions on financing of gas tasks in African nations as a capability setback.
Also on the UN Dialogue on Food Systems in February, the Vice President burdened the need for the global network to don't forget as an alternative, the usage of gas and other more environmentally friendly gasoline resources as towards what he termed “defunding gasoline tasks” on the basis of fuel no longer being environmentally friendly sufficient.
The Vice President also referred to the National Livestock Transformation Plan (NLTP) a Federal Government’s initiative to deal with one of the fallouts of weather alternate, sell sedentary cattle farming and deal with clashes among herders and farmers.
On his part, the Executive Vice President of the EU Commission, Mr Valdis Dombrovskis spoke at the importance of reviewing investment agreements among Nigeria and the EU, disclosing the commission’s plan to boom its outside investment capacities.
On the Vice President’s name for sustained financing of gasoline investments in the usa and past, the EU leader stated the selection to phase out investments in fossil fuels become in keeping with the corporation’s coverage on promoting green strength initiatives.
He but urged authorities in the us of a to discover the caveat inside the financing devices to are seeking other ways of attracting investments for projects in the fuel region.
Officials gift at the assembly consist of the Ministers of Foreign Affairs, Mr Geoffery Onyeama; Industry, Trade and Investment, Otunba Niyi Adebayo; EU Ambassador to Nigeria and ECOWAS, Amb. Ketil Karlsen; and the Executive Secretary of the Nigerian Investment Promotion Commission, Mrs Yewande Sadiku, amongst others.
Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
3rd March 2021
No comments:
Post a Comment