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

Hard loans

Nigeria is questioning the legitimacy of much of the US$27 million debt claimed by the Paris Club of Western government creditors. Almost unprecedentedly, the meeting on 26-27 Octo...


False starts for the clean-up

Incompetence and corruption threaten the latest government body to be set up to tackle oil pollution

The Ogoni area of the Niger Delta is one of the world's most severely contaminated stretches of land and water, and yet no relief is in sight. Eight years ago, after publishing a c...

READ FOR FREE

Wojciech Chodan, Pepys and Shell

The discovery by Halliburton's lawyers Baker Botts of more than 500 pages of notes penned by Wojciech Chodan (a Halliburton consultant and the Samuel Pepys of the energy business) ...


Roll out the barrel

Raising domestic oil prices is essential but seems impossible

The government's latest bid to liberalise (and inevitably raise) fuel prices has united traders, trades unionists and state governors against President Olusegun Obasanjo's new econ...