“The first phase of this plan is already underway, and we think that this sort of programme will very quickly ramp up our progress towards net-zero emissions.”
In addition, the VP explained that “the energy access element of the transition must be linked with the emission reduction aspect of the transition. For too long we have considered these to be parallel tracks. However, pathways to reaching net-zero by 2050 have to include first ending energy poverty by 2030.
He highlighted the disparity in global energy investments, noting that “while representing just 15% of the world’s population, high income countries received 40% of global energy investment in 2018. Conversely, developing countries with 40% of the world’s population received just 15% of global energy investments.”
Speaking about the expectations of Nigeria and other developing countries, the VP noted that “the ultimate goal of the global energy transition should be to achieve reliable net-zero-energy systems to power prosperous, inclusive economies.” Such a plan, according to Prof. Osinbajo “must be equitable, inclusive and just with a planet and people approach to the transition. As a practical matter that means transition plans that take into account the different realities of various economies and accommodate various pathways to net-zero by 2050.”
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