The Executive Director and Chief Executive Officer of the Energy Commission of Nigeria (ECN), Dr. Mustapha Abdullahi, has advocated for foreign investors to invest more in the energy sector to alleviate poverty in Africa.
ECN representatives called on G20 leaders to intervene to address inadequate financing to address the energy poverty threatening Africa, while calling on G20 leaders to intervene to address the insufficient funding to address the energy poverty that threatens Africa, the ECN representative said at the ongoing G20 Energy Transition Working Group summit in Foz do Iguaçu, Brazil. made this claim.
Speaking to delegates from around the world, the energy expert said the energy transition is critical to achieving clean and affordable energy access and net-zero emissions targets by 2050 in African countries, particularly Nigeria. He emphasized that he would play a vital role.
Dr. Abdullahi further stated that modern, affordable, reliable and sustainable energy is essential for economic growth and that providing access to modern energy is essential for both urban and rural Africa. He argued that it would greatly contribute to improved medical care, improved education, and economic growth.
He said: “One of the conclusions of the COP28 Summit held in Dubai, United Arab Emirates in 2023 is to transition from fossil fuels to renewable fuels in a fair, orderly and equitable manner to achieve net benefits. This was the promise of the participating countries.” Achieve zero emissions worldwide by 2050. ”
Dr. Abdullahi reiterated President Bola Ahmed Tinubu’s commitment and said Nigeria’s pledge to support global initiatives made at COP28 is sacrosanct. He confirmed the country’s determination to triple installed renewable energy capacity and double global energy efficiency by 2030.
With the theme of this year’s summit woven around “building a just world and a sustainable planet,” the head of the Energy Committee said that ensuring such goals requires addressing other germane issues. He emphasized that it was necessary.
One of these is energy poverty on the African continent. He emphasized the need for more energy, which is critical to reducing poverty, preventing disease and providing clean, accessible and essential sanitation.
Dr. Abdullahi said Nigeria will address the challenges of energy poverty and climate change, achieve universal access to affordable energy (SDG 7) by 2030 and achieve net zero by 2060. claimed to be the first African country to formally launch a detailed Energy Transition Plan (ETP). He added that the country’s projected estimates call for $410 billion to deliver an improved Energy Transition Plan (ETP) by 2060.
Although ECN delegates lamented the lack of finance across African countries, they concluded that finance is key to driving the clean energy transition. He called for more foreign investors to come to the country to take advantage of a stable environment in which investments can flourish.
He said Africa is one of the continents most affected by climate change and current funding is woefully inadequate. According to Nationally Determined Contributions, the continent will need around $53 billion annually from 2020 to 2035.
