Nigeria calls for “just” energy transition and gas funding
Nigerian Vice President Yemi Osinbajo urges equitable energy transition for developing world and criticises growing reluctance of developed nations, banks and institutions to fund African gas projects
Developed Western institutions and banks are increasingly blocking fossil fuel investment, but they ought to recognise the significant differences between different fuels and the context of their use, Osinbajo says. The African Development Bank, for instance, still supports oil and gas schemes, but Western reluctance means it is becoming harder for the bank to secure additional finance and close large natural gas projects. This, the vice president says, goes against sustainable development goals and the principle of equity.
“The path to decarbonisation by 2050 needs to solve energy poverty by 2030, or that demand will be met through dirty energy sources”
And sub-Saharan Africa,
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