Jump to navigation

Nigeria

Osinbajo pushes green debt forgiveness plan

Prepared for Free Article on 19/04/2024 at 02:25. 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

A split by any other name

A new grand opposition coalition and fresh splits in the President’s party are changing calculations about next year’s elections

The latest round of defections and manoeuvrings in Abuja give weight to the opposition People's Democratic Party announcement that it will lead a new Coalition of United Political ...

Trouble in oil

A symbol of regional cooperation, the Nigeria-São Tomé e Príncipe Joint Development Zone (JDZ), launched only in January, looks close to collapse.

Judgment day is coming

The courts are taking the lead in resolving the election crisis in Abuja - even if that creates new political problems

The rival factions in the political drama in Abuja agree on one thing: the legal and political battles over the legitimacy of the 2007 elections will rumble on with occasional expl...

Things fall apart in Rivers vote

Both parties are to blame for the rigging and killings that could weaken President Buhari's national standing

No one emerges with credit from the violent fiasco of the elections that were re-run in Rivers State on 10 December. Nationally, the polls were a test of strength between the All P...


Stories by country

Footer Map