Jump to navigation

Nigeria

Osinbajo pushes green debt forgiveness plan

The Vice-President calls for a fourfold hike in green energy investment but warns economic pressures are boosting fossil fuel use

With Western countries accused of unfairness for compelling Africa to curtail fossil fuel use when they are only responsible for a tiny proportion of greenhouse gases, Nigerian Vice-President Yemi Osinbajo proposed at a summit last week that creditor nations forgive international debts if the money saved is spent on green energy projects instead.

Speaking at the Centre for Global Development in Washington D.C., Osinbajo highlighted the need for energy investment in Africa, saying the continent needs a fourfold increase in spending to get the more sustainable energy bases needed to limit global warming. He warned use of high-polluting and deforesting fuels will increase if energy access issues are not tackled soon. Osinbajo said many countries face urgent 'escalating debt situations' following the pandemic and Russia's invasion of Ukraine.

The war in Ukraine has also meant richer countries' seeming hypocrisy over energy use has been under scrutiny in recent months. Since February, Western nations have made increased moves for fossil fuels around Africa while continuing to demand that poorer nations reduce their carbon emissions. In April, Italy sought to buy more gas from Angola and Congo-Brazzavile, while Germany has been shopping for fuel in Senegal (Dispatches 9/8/22, Fight over Africa’s fossil fuels intensifies).

Rich countries say they do not want to invest in fossil fuel projects in Africa due to their emissions. But they have been accused of having different rules for their own emissions, while also not helping African nations to become greener. In June, Nigerian President Muhammadu Buhari accused the EU of 'hypocrisy' and 'inconsistency and contradiction' for not investing in a gas pipeline to Morocco while continuing to spend money on some gas projects for their own benefit. EU lawmakers in July voted to classify gas and nuclear energy projects as green investments.



Related Articles

Bogged down

Cameroonian security forces in the disputed oil-rich Bakassi peninsula are on maximum alert after fatal attacks by the Niger Delta Defence and Security Council. The NDDSC, a little...


Tinubu weighs politics vs competence

After a bumpy year, the President will have to sack some of his worst ministers and reshuffle others

As he prepares to mark a year in office, President Bola Ahmed Tinubu has received a scorecard from his Political Advisor, Hadiza Bala Usman, which contains an evaluation of 45 mini...


Rage at the gates

Targeted with live rounds in Lagos, campaigners against police brutality step up their protests and political ambition

Pressure is mounting on President Muhammadu Buhari's government after the shooting of protestors at the Lekki Toll Gate in Lagos on 20 October with the African Union and the United...

READ FOR FREE

Strategic supplies

West Africa in general - and Nigeria in particular - is suddenly gaining from a re-evaluation of global strategy in the United States following the 11 September 2001 attacks. Relat...