During the Africa Climate Summit held in Kenya, President Bola Tinubu emphasized the need for an annual investment of $10 billion to execute Nigeria’s ambitious Energy Transition Plan. Additionally, he highlighted that the country requires $17.7 billion annually to achieve its unconditional targets outlined in the Nationally Determined Contributions (NDCs), which serve as a comprehensive strategy for reducing emissions and adapting to climate-related challenges.
The President’s statements were conveyed by Dr. Ishiak Salako, the Minister of State for Environment, who further clarified that Nigeria’s Energy Transition Plan calls for a total investment of $1.9 trillion spanning up to the year 2060. This plan aims to attain universal access to energy by 2030 and achieve net-zero emissions by 2060, all while prioritizing industrialization, job creation, and economic growth.
Salako emphasized the substantial financial resources required to meet these climate targets, highlighting that the current financial flows fall significantly short. On average, international financing for clean energy projects in Nigeria has been approximately $655 million per year over the past decade, significantly below the annual $10 billion needed.
President Tinubu also discussed the government’s strategy to raise capital through Just Energy Transition Partnerships (JET-Ps) and revealed that a proposal is being drafted to the G7 for a JET-P for Nigeria. He emphasized the importance of scaling up JET-Ps across Africa, in addition to exploring other strategic financing opportunities.
The Africa Climate Summit concluded with a collective call from African leaders for a global tax on carbon-emitting countries, with the proceeds dedicated to development projects in nations affected by emissions and climate change.