Osibanjo demands climate change policies for developing countries.

Vice President, Professor Yemi Osinbajo attended a UN Energy meeting in London on October 8, 2021.

Vice President Yemi Osinbajo has argued that climate change policies must reflect “the different realities of various economies” to be successful.

Osinbajo is currently in the United Kingdom to participate in a series of high-level United Nations Energy Transition in Africa events.

The meetings are being held ahead of the October UN Climate Conference to be hosted in Glasgow.

In a note posted on his Facebook page on Saturday, Mr Osinbajo said Nigeria is committed to the Paris agreement on climate change “and has resolutely compiled all of our national determined contributions under the Paris Agreement, and updated those commitments in our new Energy Transition Plan.”

However, he noted that energy consumption is growing in developing countries and capital is required to meet the demands sustainably.

“Nigeria’s Federal Government is already making efforts to use large shares of clean energy sources, but the development of gas projects pose a dire challenge,” Osinbajo said.

“The ultimate goal of the global energy transition should be to achieve reliable net-zero-energy systems to power prosperous and inclusive economies.

“In 2018, 15% of the world’s population, high income countries received 40% of global energy investment. Conversely, developing countries with 40% of the world’s population received just 15% of global energy investments.

“Energy transition must be equitable, inclusive and just with a planet and people approach to the transition. As a practical matter that means transition plans must take into account the different realities of various economies and accommodate various pathways to net-zero emissions by 2050.

“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 emissions by 2050 have to include first ending energy poverty by 2030. If energy access issues are left unaddressed, we will continue to see growing energy demand being addressed with high polluting and deforesting fuels such as diesel, kerosene and firewood.

“Efforts are already underway in my country, and in countries across the continent, to include large sheets of clean energy sources to fuel that growth. Renewables are the fastest-growing segment of energy today and will certainly be a key economic driver well into the future.

“Nigeria is committed to the process and strongly believe the process has to be strong, fair, just and supported not just for Nigeria, but for most African countries and for many developing countries who have the same concerns that we have. Nigeria is about the first African country that has developed an energy transition plan that seeks to demonstrate its commitment to the global net -zero emissions.”