460bn Energy Transition Plan: Osinbajo leads delegates to seek global support, partnership

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The Vice President Yemi Osinbajo has led the Nigerian delegates to the United States of America to seek global partnership and support for Nigeria’s recently launched Energy Transition Plan.

The VP led the Nigeria’s Energy Transition Implementation Working Group (ETWG) on the mission with meetings starting today to promote the plan and secure global support from the US government, the private sector, and other development partners.

The ETWG which is chaired by the Vice President comprises relevant ministers and other top government officials.

Nigeria’s Energy Transition Plan officially launched last week at a global virtual event is a homegrown, data-backed and multi-pronged strategy developed for the attainment of 2060 net-zero emissions commitment in 5 critical sectors: Power, Cooking, Oil & Gas, Transport and Industry.

Nigeria needs $410 billion to deliver the Transition Plan by 2060.

Among other highlights, the plan needs at least $10 billion per annum above business-as-usual spending for effective implementation.

At the launch, the World Bank and a renewable energy organisation – Sun Africa, pledged a sum of $1.5 billion each totaling an initial $3 billion investment to support the implementation of Nigeria’s Energy Transition Plan.

While in the United States, Osinbajo will meet US Vice President, Kamala Harris; US Secretary of Energy, Jennifer Granholm; Secretary of Treasury, Janet Yellen, and President of World Bank Group, David Malpass, among others.

The Vice President is also scheduled to speak on Nigeria’s Energy Transition Plan at the Centre for Global Development in Washington DC.

The Vice President’s delegation to the U.S. includes the Minister of Finance, Budget, and National Planning, Mrs. (Dr.) Zainab Ahmed; Minister of Works and Housing, Raji Babatunde Fashola; Minister of Power, Abubakar Aliyu; Minister of Environment, Mohammed Abdullahi; Minister of State for Petroleum Resources, Timipre Sylva, and the Special Representative of the UN Secretary-General/CEO for Sustainable Energy for All, Ms. Damilola Ogunbiyi. Nigeria’s Ambassador to the United States, Dr. Uzoma Emenike is also on the delegation.