Nigeria will now have to start thinking of the best approach going forward in its energy transition programme.
The Vice President, Prof. Yemi Osinbajo (SAN), said this on Tuesday during two events he attended virtually and physically.
Osinbajo said some of the goals of the Federal Government in pursuing a just Energy Transition agenda is seeking among other issues adequate Climate Finance, especially through the African Carbon Market Initiative.
He said this when he received a delegation from the US-based Rocky Mountain Institute, an international think-tank involved with energy transition in the last 40 years.
He had earlier in the day virtually participated in a progress meeting of the international African Carbon Market Initiative Steering Committeem where the progress of the plans on broadening the market in Nigeria and Africa had been reviewed.
He said the Federal Government would be working on issues of Climate Finance, specific projects that will advance the 2060 Net-Zero target of Nigeria and exploring the possibility of electric vehicles in the country.
Osinbajo said: “We will be considering the decommissioning of generators, development of cooking stoves, think through options such as electric cars: is it the right time?
“What about charging stations?
“These are some of the things we have to start thinking about.”
Speaking earlier, Jon Creyts, CEO of Rocky Mountain Institute, expressed readiness to partner with Nigeria on the Federal Government’s Energy Transition Plan since this was a commitment that is shared by the institute as well.
“We share the commitment with Nigeria to get to Net-Zero in 2060 and build a prosperous economy in the process,” Creyts noted, while explaining that the institute had worked on similar issues with China, India, Indonesia and altogether 62 countries around the world.
At the meeting of the ACMI, the Steering Committee noted that it plans to attain $1 billion in total commitments by buyers before COP28 later this year.
Besides the Vice President, the members of the ACMI include former President of Colombia, Ivan Duque Marquez; representatives of the United Nations, Rockefeller Foundation and the Global Energy Alliance for People and Planet among others.