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Nigeria’s energy transition requires $10bn investment annually – Tinubu

President Bola Tinubu , Nigeria

President Bola Tinubu

At the Africa Climate Summit (ACS) held in Kenya, President Bola Tinubu’s energy transition plan calls for an annual investment of $10 billion.

Additionally, he emphasized that Nigeria needs an annual investment of $17.7 billion to achieve the unconditional targets outlined in the country’s Nationally Determined Contributions (NDCs).

NDCs represent a nation’s comprehensive strategy for reducing emissions and adapting to climate-related challenges.

The President’s remarks were conveyed by Dr Ishiak Salako, the Minister of State for Environment, who further explained that Nigeria’s Energy Transition Plan necessitates a total investment of $1.9 trillion spanning up to the year 2060.

The statement

Raising capital through JET-Ps

Speaking further, the President talked about the FG’s plan to raise capital through Just Energy Transition Partnerships (JET-Ps) and the government is working to draft a proposal to the G7 for a JET-P for Nigeria.

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He said,

About the Africa Climate Summit

The Africa Climate Summit concluded yesterday with a call from African leaders for a global tax against carbon-emitting countries for development work in countries affected by these emissions and climate change in general.

 

 

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