A few days to the commencement of the COP26 holding in the United Kingdom, Nigeria’s expectation is that more developed countries will change the direction of the conversation around energy transition in favour of Africa at the global summit, according to Vice President Yemi Osinbajo.
The vice president stated this 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; former British Prime Minister, Tony Blair, and the Executive Secretary of the United Nations Economic Commission for Africa, Dr Vera Songwe.
The COP26 summit, scheduled to hold in Glasgow, Scotland, from October 31 to November 12, will bring the global community together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change.
Talking about the expectations, Professor Osinbajo noted that conversations at the forthcoming Climate Change Conference in Glasgow, Scotland, must be tilted in favour of Africa, as the conference will be an opportunity to engage and change the direction of the current conversation especially as it affects Africa.
“I think we need to just change the direction of the conversation, especially as it affects Africa, and then talk in concrete terms about what the implications of net-zero emissions by 2050, or whenever, will mean for Africa and the world,” he said.
Osinbajo 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, 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,” he added.
He said the federal government is 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 submission, former UK Prime Minister, Mr Tony Blair, had 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, as “doing that is essential, not only for development, but also for the environment.”
He said the partnership will also “help put the projects for clean energy and development in Africa on an investable footing. When people invest in Africa, the rates of returns are very good and the risks are not as great as people think they are.”
Speaking about a plan that would work for Africa, Prof. Osinbajo said “if we say the current arrangement isn’t going to work, what practical plans do we have on the table? How will it be funded?”
Regarding financing for African countries to transition to cleaner energy, the President of Tanzania, Samia Suluhu Hassan, stated the need for developed countries to keep their commitments.
According to her “we are expecting the world to come to our aid for financing so that we can implement the adaptation processes with climate change.
“Tanzania has been severely hit by effects of climate change, but then the adaptation process needs a lot of money that developed countries have not given to developing countries like ours.
“We have been trying to do adaptation from our own funds and with the little funds that we have been given under bilateral agreements, but there is a big gap not only for Tanzania but the whole of Africa… The developed countries have to be transparent on financing.”
While commenting on Africa’s contribution to global emissions, Executive Secretary for UN Commission for Africa, Dr Vera Songwe, observed that “Africa’s population is 17% of the global population and only 3.8% of the emissions comes from Africa; 15 times more emissions come from the United States, 7 times more emissions in China.
“We do need to look at what Africa can do differently… For us to have a just, equitable and inclusive transition, I think it is important for Africa to take a seat at the table and say, yes, we deserve to have this transition space for gas.”
The event was moderated by Kamissa Camara, Director of External Affairs & Policy, Africa, Tony Blair Institute for Global Change.
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