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Climate Change: Nigeria mobilizing $10 billion to finance local green projects, says Osinbajo

Vice President Yemi Osinbajo has disclosed that the country was mobilizing $10 billion to finance local green projects in the country. Osinbajo said this on Thursday at a virtual panel discussion on “A Just Transition: Balancing Climate Mitigation with Africa’s Development,” organized by the Tony Blair Institute for Global Change. With him on the panel were the President of Tanzania, Samia Suluhu Hassan, the former British Prime Minister, Tony Blair and the Executive Secretary of the United Nations Economic Commission for Africa, Dr Vera Songwe.

In a release by his spokesman, Laolu Akande, the Vice President at the panel expressed the hope that more developed countries would change the direction of the conversation around energy transition in favour of Africa at the global summit scheduled to hold in Glasgow, Scotland between Oct. 31 and November 12. According to him, the Summit would bring the global community together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change. The Vice President also explained that Nigeria already has a plan for the transition.

“We drew up an energy transition plan and we are probably one of the few developing countries to have drawn up a plan and try to cost the plan. This is why we have the figure of $400 billion. “If you look at what can work, we are looking at Nigerian Climate Change Finance Facility. There’s one which we are working on at the moment with the African Finance Corporation, AFC, and ARM Harith; we are trying to create that facility. We think that we could mobilize up to $10 billion to finance local green projects.” Continuing, Osinbajo said, “the Federal Government is also on the verge of operationalizing an InfraCo, a N15 trillion Infrastructure Fund, which could have a dedicated green finance component as well as projects to reduce emissions from main pollutant activities in Nigeria.”

“There are other initiatives that we are working on, and one of those is being able to exploit our gas resources for as long as it is possible because it is an important issue for us and thereafter, a diversified economy, especially around technology. That would help us a great deal in being able to secure a significant amount of money,” the Vice President added. Earlier in his submissions, former UK Prime Minister, Tony Blair called for a new partnership with Africa on Climate Change, noting that “it is going to be necessary to use gas as a transitional fuel, and doing that is essential, not only for development, but also for the environment.”

 

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