2021 LPG week: FG needs over $410bn investment for energy transition — Osinbajo

Vice President, Yemi Osinbajo has revealed that the Federal Government requires investment of about $410 billion to sustain Nigeria’s energy transition plan.

The VP equally noted that the investment plan will play a critical role in addressing the challenges of clean cooking, while saying it will cut emissions by 30 per cent and reduce other pollutants by at least 90%.

Osinbajo said this in his address on Tuesday at the World Liquified Petroleum Gas Association (WLPGA), week-long forum, holding in Dubai, United Arab Emirates.

The 2021 LPG Week brings together over 2,000 delegates from 72 countries, including major LPG companies, senior public sector officials, industry experts and other relevant stakeholders.

According to him, the Nigerian government’s integrated energy plan with a clean cooking model provides an opportunity to transition at least five million households to LPG solutions.

Osinbajo, who spoke on the theme: “Energizing Tomorrow” at the Dubai World Trade Centre, said that it was “worrying that a growing number of wealthy nations have banned or restricted public investment in fossil fuels, including natural gas.”

He, maintained that “Such policies often do not distinguish between different kinds of fossil fuels, nor do they consider the vital role some of these fuels play in powering the growth of developing economies, especially in sub-Saharan Africa.

“As development finance institutions try to balance climate concerns against the need to spur equitable development and increase energy security, the United Kingdom, the United States, and the European Union have all taken aggressive steps to limit fossil fuel investments in developing and emerging economies.

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“The World Bank and other multilateral development banks are being urged by some shareholders to do the same.

“The African Development Bank, for instance, is increasingly unable to support large natural gas projects in the face of European shareholder pressure,” he added.

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