To ensure a fair and balanced energy transition, Vice President Yemi Osinbajo, has urged the global community to accommodate various pathways to net-zero that account for diverse realities.
Osinbajo made the call on Tuesday when he spoke virtually at the 2022 Standard Bank Climate Summit, themed: “Africa’s Path to Carbon Neutrality.”
The current global energy transition is both an opportunity for the preservation of the earth and a vehicle for unlocking the development potential and livelihoods of millions of people, especially those in developing countries, especially in Africa.
As a result, Osinbajo, who focused on, “how to manage the energy transition to net-zero in the context of Africa’s unique challenges, such as energy poverty,” said the transition must also be fair and sensitive to the continent’s peculiarities and priorities.
In a statement by his spokesman, Laolu Akande, quoted the Vice President as saying that such sensitivity is the only way for “African nations which need financial and technical support as well as the flexibility will develop as swiftly as possible.
“This will ensure a fair and balanced energy transition that leaves no one behind.”
“How we manage the global energy transition must be sensitive to Africa’s priorities. The global energy transition must place energy access for both consumptive and productive uses at the heart of climate action.
“To ensure a global energy transition that is favourable to us, African nations need to engage more critically and vocally on this matter.”
Alluding to Nigeria’s Energy Transition Plan, the Professor of Law said: “The value of having a nation-specific, data-driven plan as the basis of our activities and engagements cannot be overemphasized. The plan provides a clear financial estimate for the achievement of Nigeria’s energy access and transition goals.”
Pan-African position
He also informed that efforts are on-going to have a pan-African position on energy transition. “This is underway with certain countries including Nigeria developing and signing on to the Kigali Communiqué, which came out of the Sustainable Energy for All Forum in June, and outlines principles for a just and equitable energy transition.”
He continued: “We must take ownership of our transition pathways and design climate-sensitive strategies that address our growth objectives. We must clearly and thoroughly articulate our priorities, strategies and needs.”
Justifying Africa’s stand for a just and balanced energy transition, the Vice President noted that “though Africa’s current unmet energy needs are huge, future demand will be even greater as populations expand, people move into the middle class and rapid urbanization continues.”
How we manage the global energy transition must be sensitive to Africa’s priorities. The global energy transition must place energy access for both consumptive and productive uses at the heart of climate action.
To underscore his point, said that in 2020, “Sub-Saharan Africa had 568 million people without access to electricity. This represents more than three-quarters of the world’s total un-electrified population. On the other hand, most developed nations have 100% energy access. Surely, the race to net-zero must not leave people in the dark.
“Also, Sub-Saharan Africa remains the only region in which the number of people without access to clean cooking fuels and technologies is rising, as 19 of the 20 countries with lowest clean cooking access rates are in Africa.”
On financing energy transition, Prof. Osinbajo said “a balanced and just approach to the energy transition recognizes that finance is key. Lack of access to finance remains the biggest challenge for accelerating action on energy access and climate goals in Africa.”
He added that “Limiting financing of gas projects for domestic use in Africa would pose a severe challenge to the pace of economic development, delivery of electricity access and clean cooking solutions, and the scale-up and integration of renewable energy into the energy mix.”
He also renewed the call on developed countries to bridge the disparity in energy investments, noting that “of the $2.8 trillion invested in renewable energy from 2000 to 2020, only about 2% – $60 billion, came to Africa.”
“It has been estimated by the International Energy Agency that Africa will need around $133 billion annually in clean energy investment to meet our energy and climate goals between 2026 and 2030.”
The Standard Bank Group, which hosted the event, has committed to achieving net-zero carbon emissions from its own operations for newly built facilities by 2030, for existing facilities by 2040, and from its portfolio of financed emissions by 2050.
