Jump to navigation

Nigeria

Osinbajo pushes green debt forgiveness plan

Prepared for Free Article on 19/04/2024 at 15:31. Authorized users may download, save, and print articles for their own use, but may not further disseminate these articles in their electronic form without express written permission from Africa Confidential / Asempa Limited. Contact subscriptions@africa-confidential.com.
PREVIEW

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.

Copyright © Africa Confidential 2024
https://www.africa-confidential.com


Related Articles

Fat margins

Oil traders and their sponsors may grumble that prices are low. But for the well-connected trader Nigeria is offering some of the best returns around. A comparison of official pric...

Drama in the delay

Accusations of malfeasance and conspiracy follow the last-minute postponement of the national elections

In an election campaign that has failed to capture the nation's imagination, the announcement that voting would be delayed by a week, less than six hours before it was due to start...

The net widens

Having uncovered illegal commissions of $170 million on the gas export plant, investigators have uncovered many more payment routes

Investigators searching for hundreds of millions of dollars of corrupt payments linked to Nigeria's gas export plant have uncovered new channels for the payments through Kenya's Tr...

A khaki option on the table

Nigeria’s military, though much diminished, still sees itself as the last truly national institution and the final custodian of the state. If the current crisis unravels, senior of...


Stories by country

Footer Map