Nigeria’s energy transition plan requires $17.7bn annually – Tinubu

To deliver on its climate target and energy transition plan, President Bola Tinubu, on Tuesday, stated that the country needed to spend $17.7bn annually.

Energy Transition and Investment Plans reflect how countries show they would build energy systems to support economic and social development and achieve net-zero emissions. Nigeria released its Energy Transition Plan in August 2022.

Net-zero means cutting greenhouse gas emissions to as close to zero as possible, while the remaining emissions are re-absorbed from the atmosphere by oceans and forests, among others. Nigeria committed to achieving net zero emissions by 2060.

Speaking on behalf of the President at the Presidential Day Programme of the African Climate Summit held at the Kenyatta International Conference Centre, Nairobi, Kenya, the Minister of State for Environment, Dr Iziaq Salako, added that aside the annual sum was an additional $10bn, annually.

The Summit, hosted by the Government of Kenya and the African Union, was organised to create a climate goal for Africa, with a focus on green growth and climate finance.

Tinubu stated that the country only received about $655m in international financing flows for clean energy in the past decade.

He noted that more investment needed to come to the continent to ensure the Nationally Determined Contributions are achieved.

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