President Muhammadu Buhari
Nigeria seeks inclusion into G7’s Climate Partnership List for ETP
Federal Government has disclosed that it is pursuing the inclusion of Nigeria into the G7’s Climate Partnership List for the Co-creation of a just Energy Transition Partnership (ETP).
President Muhammadu Buhari, who stated this at the high level segment of COP27 in Sharm El Shiek in Egypt, said the move would also address the socio-economic effects on energy transition including poverty, loss of jobs and improved livelihoods.
President Buhari, who was represented by the Minister of Environment, Mr Mohammed Abdullahi also reiterated that the country in particular, and Africa, in general, needed an effective and sustainable framework for the realisation of the energy transition project.
“Africa contributes about three percent of global emissions but it is left to cope with the devastating impact of Climate Change. Nigeria has spare headed initiatives aimed at recovery degraded land for the Sahara and Sahel region such as the Great Green Wall,“ he said.
Buhari stressed that there was the need to expand existing acceleration programme for developing countries.
“The economic cost for Loss and Damage for Africa is estimated at almost two trillion Dollars excluding non-economic losses. Developed nations must not ignore the demand from developing nations to establish a Loss and Damage finance facility to help developing nations recover from the adverse effects of climate change, particularly the devastating floods worsening desertification and rising sea levels,“ he stated.
The Nigerian leader also noted that the government was taking a bold step towards pioneering innovative Climate Finance instruments such as Debt for Climate swaps and also championing the development of the African Carbon market initiative.
“In support of this, Nigeria has enacted the Climate Change law alongside the initial governance framework and launched the Nigeria Emission Trading Scheme, We have made significant progress in creating the enabling polices and incentives to advance shortlist of priority projects, including renewable Solar Independent Power Plants IPPs, scaled Decentralized Renewable Energy DRE), projects and gas flare commercialisation opportunities,” the President said.
It would be recalled that during the Cop 26 in Glasgow, Buhari had announced Nigeria’s commitment to net zero by 2060 on the basis of a detailed Energy Transition Plan (ETP).
