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Energy Transition: FG seeks adequate Climate Finance through African Carbon Market Initiative

Yemi Osinbajo, Energy Transition

By Ukpono Ukpong

The Vice President, Yemi Osinbajo, has said that some of the goals of the Federal Government in pursuing a just Energy Transition agenda is seeking among other issues, adequate Climate Finance especially through the African Carbon Market Initiative, ACMI.

He gave the hint yesterday while receiving a delegation from the US-based Rocky Mountain Institute, an international think-tank involved with the issue of energy transition for the last 40 years.

Prof. Osinbajo had earlier in the day virtually participated in a progress meeting of the international African Carbon Market Initiative Steering Committee where the progress of the plans on broadening the market in Nigeria and Africa had been reviewed.

He said the Federal Government would be working on issues of Climate Finance, specific projects that will advance the 2060 Net-Zero target of Nigeria and exploring the possibility of electric vehicles in the country.

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“We will be considering the decommissioning of generators, development of cooking stoves, think through options such as electric cars; is it the right time? What about charging stations? These are some of the things we have to start thinking about.”

Speaking earlier Mr. Jon Creyts, CEO of Rocky Mountain Institute expressed readiness to partner with Nigeria on the Federal Government’s Energy Transition Plan since this was a commitment that is shared by the institute as well.

“We share the commitment with Nigeria to get to Net-Zero in 2060 and build a prosperous economy in the process,” Creyts noted, while explaining that the institute had worked on similar issues with China, India, Indonesia and altogether 62 countries around the world.

At the meeting of the ACMI, the Steering Committee noted that it plans to attain $1billion in total commitments by buyers before COP28 later this year.

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