The federal government, through the Energy Transition Office, has called for the support of private investors to achieve its 2060 net-zero goals.
This is in a bid to accelerate Nigeria’s energy transition plan (ETP).
The government made the call at the Energy Transition Plan-Private Sector Round Table Event held in Lagos, where stakeholders deliberated on aligning with the public sector, identifying sources of private capital and supporting the implementation of the ETP.
“We will have to go through the preparation of aligned pipeline projects to financial close among other things,” said Muntaqa Umar-Sadiq, head of Energy Transition Office.
He said the dual issues of energy poverty and climate change need to be dealt with head on, citing this as the primary reason for this engagement
“We are looking to addressing these twin challenges in a coherent manner. More broadly, the ETP is a plan that looks at achieving universal access to clean energy by 2030 and in the longer term, achieving net-zero by 2060,” he said.
The aim of the discourse is to secure strong private sector partnership in support of the financing and implementation of the ETP, identify approaches and market enablers that could help crowd in private finance at scale for the plan, and define a framework for the Private Sector Working Group of net-zero-committed financial institutions that will help guide the ETP resource mobilisation process
Senior special assistant, planning and coordination to the Office of the Vice President, Lanre Shasore, said that they are expecting investors and energy developers to work together with government officials on this journey.
“We need to pull resources together to identify opportunities for investment in Nigeria’s Energy Transition Plan and the projects that we have in there that are continuing in the plan.”
She said the government is keen on the development and implementation of the plan and meeting the set goals for the transition
“Nigeria was the first country on the continent to develop an energy transition plan last year, and was approved by the cabinet. This is exactly why we are engaging the private sector for partnership, so we can upscale what has been achieved so far,” said Shasore.
According to the Energy Transition Plan, Nigeria needs $410 billion above business as usual to meet its net-zero goals by 2060.
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