Vice President, Prof. Yemi Osinbajo is billed to headline the Global launch of Nigeria’s Energy Transition Plan on Wednesday, August 24th at an online event.
In a statement posted on the website of ‘Sustainable Energy for All’, the public launch of the Nigeria Energy Transition Plan will showcase the country’s pathway to achieving net-zero emissions by 2060 and their leadership role in enabling a just and equitable climate future for Africa, with the ultimate objective of mobilizing the finance required to jumpstart implementation of the Plan.
According to the statement, the specific objectives of this launch are:
- Highlight Nigeria’s commitment and ambition in achieving carbon neutrality while also ending energy poverty, which will lift 100 million people out of poverty, drive economic growth, and bring modern energy services to the entire population;
- Create awareness to drive demand in other African countries by emphasizing the need for data-driven country-level energy transition plans in order to achieve a just, inclusive and equitable energy transition for all ahead of the ‘African COP’ hosted by Egypt;
- Mobilize new partners by showcasing existing support for data-driven energy transition planning from international partners, including Sustainable Energy for All, The World Bank, The Rockefeller Foundation, and the Global Energy Alliance for People and Planet;
- Mobilize investors and the private sector by showcasing concrete projects to deliver the transition goals while creating significant market opportunities
- Announce new opportunities for solar energy companies to obtain results-based finance from the Universal Energy Facility as part of a new financing window focused on supporting Stand-Alone Solar for Productive Use.
It is expected that the Vice President will utilize this opportunity to announce new opportunities for solar energy companies to obtain results-based finance from the Universal Energy Facility. This will reiterate the commitment made by His Excellency President Buhari at COP26 that the country recognizes the importance of a just and equitable clean energy transition, ensuring future generations inherit the planet they deserve.
With Nigeria labouring under a crippling energy deficit, it is projected that this bold plan, with backing from international organizations, will present an opportunity for the private sector to step up and make a difference and be pioneers in creating new markets.
