Vice President Yemi Osinbajo says efforts were underway to maximum the development of gas projects in Africa, violating the principles of equity and justice enshrined in global agreements.
He noted that much of the global investment in clean energy would need to go into Africa and advised that efforts be made to redirect global capital to the continent.
Osinbajo’s Spokesman, Laolu Akande, in a statement in Abuja, said he made the submission at a virtual conference under the theme: ‘Climate, Conflict, and Demography in Africa,’ jointly hosted by the International Crisis Group, the Royal African Society, and Africa Confidential.
The Vice President had at different forums, raised the concern of financing of gas projects in developing countries, like Nigeria, advocating for a just transition and more effective engagements towards the target of Net-Zero Emission by 2050.
Osinbajo’s, while commenting on the amount of investments required in clean electricity generation and grid storage infrastructure, Osinbajo said that to get the world on track for net-zero emissions by 2050, it would cost more than 1.6 trillion dollars per year by 2030, or four times more than what was invested in these sectors in 2020.
