The Vice President also proposed the greater participation of African countries in the Global Carbon Market while exploring financing options for energy transition.
“Currently, direct carbon pricing systems through carbon taxes have largely been concentrated in high and middle-income countries.
“The clear implication of this reality is that our plans and commitments to carbon neutrality must include clear plans on energy access if we are to confront poverty. This includes access to energy for consumptive and productive use and spanning across electricity, heating, cooking, and other end-use sectors.”
Prof Osinbajo sounded a note of caution, saying that “in such a global reality, limiting financing of gas projects for domestic use 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 emphasized the role that natural gas “must play in the short-medium term to facilitate the establishment of baseload energy capacity and address the nation’s clean cooking deficit in the form of LPG.”
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