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

Home made, world class

Igbo entrepreneurs make lots of money and might make more but for the Feds

The Igbo people of south-east Nigeria took a terrible battering in the civil war of the 1960s, and the region's businesses were almost all destroyed. The recent achievements of eas...


Big oil and small print

The differences seem to be narrowing between the presidency and the critical stakeholders: indigenous and international oil companies, the Nigerian National Petroleum Corporation (...


Anambra kicks off the race

The governorship election in Anambra State on 16 November will kick off the race for the national polls in 2015, even if the formal opening may be six months away. Most importantly...


ENI in the cross-hairs

Italian prosecutors want British help in investigating ENI for possible bribery of Nigerian officials

Italian public prosecutors have asked Britain to freeze an account holding US$85 million in their preliminary investigation into whether top officials in the ENI oil company conspi...