President Bola Tinubu, in a presentation delivered on his behalf by the Minister of State for the Environment, Dr Iziaq Adekunle Salako, at the Africa Climate Summit in Nairobi, Kenya, says that it is critical that climate action spurs socioeconomic development for the continent.
The presentation reads, “I extend my heartfelt congratulations for the landmark occasion that marks the inaugural AU Africa Climate Summit.
“This event as well as our recent efforts and advocacy on the topic of climate change boldly demonstrate to the global community that Africa is rising to the challenge and taking decisive steps to deliver a sustainable economic future for our people.
“The African Climate Summit occurs at a pivotal juncture, offering us an exclusive stage to spotlight our priorities, solutions, and needs regarding climate action to the global community.
“As a continent, it is critical that climate action spurs socioeconomic development for us.
“We know that with robust planning and increased investments in the region, this is achievable.
“Africa is already bearing the brunt of a climate crisis it did not cause but our continent, with our significant renewable energy resources, critical minerals, vast carbon sinks, and growing population, can be a strong solution centre.
“In Nigeria, we have articulated our unchanging position to advance climate action without jeopardising economic development.
“We designed an ambitious Energy Transition Plan to achieve universal access to energy by 2030 and net-zero emissions by 2060 while prioritising industrialisation, job creation, and economic growth.
“Significantly, our plan helps to crystallise the scale of resources needed to deliver Climate targets, so that the current financial flows will not suffice.
“Nigeria’s Energy Transition Plan requires $1.9 trillion in spending up to 2060, including $410 billion above business-as-usual spending.
“This additional financing requirement translates to about $10 billion per annum but average international financing flows to Nigeria for clean energy have been about $655 million per year over the past decade.
“Similarly, the unconditional target in our Nationally Determined Contributions (NDCs) requires $17.7 billion in investments annually.
“In 2019/2020, all Sub-Saharan Africa received barely approximately $20 billion in climate finance.
“Annual climate finance flows to Africa are currently just 11% of what we require so more investments have to come to the continent.
“For us in Nigeria, we are presently establishing partnerships with both public and private sector players, driving innovative policy changes, advancing renewable energy projects including on-grid solar and electric vehicle deployment, and exploring innovative financing mechanisms like carbon trading to lay the foundation for an all-encompassing transition.
“I recently made public the key focus of my government, captured as an eight-point agenda.
“Climate action and environmental sustainability is central to achieving four of those agenda which are Food Security, Poverty eradication, Sustainable Job creation, and Security.
“We recognise that Just Energy Transition Partnerships (JET-Ps) are emerging as an important source of capital for climate-sensitive energy efforts in developing regions and Nigeria wants to be considered for one.
“My team is currently working on a proposal to the G7 for a JET-P for Nigeria.
“It is encouraging that South Africa and Senegal have secured JET-Ps, but they must be scaled up across Africa in addition to other strategic financing opportunities.
“This summit is essential for highlighting such requests, sharing ongoing efforts, and establishing inter-country collaboration.
“I assure you and fellow leaders of Nigeria’s unwavering support as we embark on this journey to clearly communicate Africa’s position on climate action, and expedite an equitable, sustainable future for all of us.”