Electricity Lawyer has urged the Nigerian Government to employ innovative means to funding approximately $10 billion per year, estimated at $410 billion by 2060, needed for its flagship Energy Transition Plan (ETP) within the shore of the country, without over-relying on support from external investors and partner organisations.
Ive Ehnamo, a founder of Electricity lawyer, made this observation in a policy brief in reaction to the Nigeria Energy Transition Plan, 2022, launched recently, based on the country’s pathway to achieving net-zero carbon emissions by 2060.
According to her, curating the Energy Transition Plan ahead of the Conference of Parties (COP) 27 showcases Nigeria’s leadership role in attaining a just and equitable climate future for Africa.
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The founder of Electricity Lawyers called on the Federal Government to look within and source for funds locally while also welcoming external support.
She said, “Climate Change remains one of the greatest threats to human health in recorded history and given the current climate crisis the earth is experiencing; world leaders have actively undertaken short and long-term actions to support low-carbon economic growth and deliver climate goals that are sufficient to mitigate climate change effects. Nigeria has taken strides to also align with the global trend.
It added, the ETP is said to require an estimated sum which when calculated for the period running up to 2060, amounts to approximately $10 billion (USD) per year supported by external investors and partner organisations. While these external financing efforts are much needed and welcome, Nigeria will also need to employ innovative means of funding the ETP within its territory.
“As has been reiterated Africa is highly prone to the effects of climate change. Nigeria is not left out of this danger. As alluded to in the ETP. Nigeria must equally take responsibility and bold steps towards financing the ETP.
“The ETP coupled with Nigeria’s climate change act 2021 is a perfect collage to introduce the placement of a price on carbon and a replica of the clean development mechanism within Nigeria.
Ive noted that ETP is a bold assertion by Nigeria indicating her commitment to climate action and UN Climate goals. She noted that the indicated priority areas, power, transportation, cooking, oil and gas, and industry reflect the highest emitting sector of the economy.
She said, “They also require a huge capital outlay for the realisation of emission reduction as the ETP envisages. Whilst the financial efforts of international organisation ad partnerships cannot be downplayed, Nigeria must also consider ingenious ways of stimulating finance within it territory for the full realization of the ETP with the set timeline,”