Climate change: Africa must define its energy transition

The fact that Climate change poses challenges for survival and economic development makes it imperative that Africa define its plan and present a vision that addresses its own peculiarities, according to Vice President Yemi Osinbajo. Mr. Osinbajo affirmed this Thursday at the Infrastructure Solutions Summit organized by the Africa Finance Corporation (AFC). Speaking about Africa’s position on the transition from gas to renewable energy, the vice president said: “we are in a peculiar position; That is why Africa needs to enter with great force to trace a different path. We are not only challenged in terms of global warming, but for us it is also the existential challenge of survival.” It’s the point the vice president has been making for more than a year both at home and in international forums. This topic was one of the highlights of the summit, which featured a series of two Fireside Chats with the Vice President and President of Ghana, Nana Addo Akufo-Addo, hosted by the BBC’s Nancy Kacungira. According to Osinbajo, “there are various voices around the world and in Africa that say the same thing. I think there is some change. The EU has categorized nuclear power and gas as green investments, saying they will need more gas investments over the next 10 years if they are to meet their 2050 targets. “They are giving us space to say that we in Africa are going to need gas investments in the next 30 years so that we can meet our goals.” Continuing, the vice president noted that “Africa must first come together to present a vision that is ours for climate change or carbon neutrality by 2050, 2070 or whenever it is convenient. “I don’t think Africa has articulated the vision yet, but there are ongoing efforts in that direction. We believe that at COP27 in Egypt (upcoming climate change conference in Egypt), we will start to articulate an African vision and initiative because all the decisions were initiated and made by richer countries where they defined pretty much everything about how we respond to climate change. But our own quirks and challenges are different. “We need to have access to energy, access to electricity just to be able to survive and create industry for millions of people. So Africa has an existential and survival challenge around our economies,” she added. Making the case for an all-African plan and vision on climate change, the vice president said: “no country in the world has been able to industrialize using renewable energy and we (Africa) have been asked to industrialize using renewable energy when all Everyone else in the world knows that we need gas-powered industries for business. “We need to have investments in fossil fuels. we need access to energy for development. I am sure that the force of logic will make it inevitable that African leaders will see that it is indeed the way forward. “In reality, we need to create space for investments, not only in natural gas for export, but also for cooking and for industry. So I think the sheer force of logic of using gas to benefit our communities will make it inevitable that we invest in fossil fuels.” In response to a question about infrastructure development, the vice president said that the Buhari administration is committed to the development of the country’s infrastructure. According to Osinbajo, “we have a Presidential Infrastructure Development Fund in the order of a billion dollars to start with. We started with the initial fund of around one billion naira.” He said: “I think we have key opportunities, and it may be impossible now; we may have to do more. For me, I think what we need to do is more innovation. “There is a big gap there, but I think innovation is what is going to play a big part. For example, looking at the models that already exist, there is a lot of room for more improvements; (as) insurance that has not yet been leveraged or used.” In addition to President Akufo-Addo of Ghana, other speakers at the opening session of the summit included the Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiora; the president of the AFC, Samaila Zubairu; the president of the AFREXIM Bank, Benedict Orama; among others. Laolu AkandeSenior Special Assistant to the President for Media and AdvertisingOffice of the Vice PresidentBest Regards,Idris AkinbajoEditor-in-ChiefPremium Times+2348028463576 Read More Related News Here Let here it in the comment below if you do have an opinion on this; Climate change: Africa must define its energy transition