Vice President Yemi Osinbajo, yesterday, departed Abuja for the United States of America to seek global partnerships and support for Nigeria’s recently launched Energy Transition Plan.
While in the U.S., Osinbajo will meet US Vice President, Kamala Harris; US Secretary of Energy, Jennifer Granholm; Secretary of Treasury, Janet Yellen, and President of World Bank Group, David Malpass, among others.
Osinbajo is leading Nigeria’s Energy Transition Implementation Working Group (ETWG), with meetings starting today, to promote the plan and secure global support from the US government, the private sector, and other development partners.
The ETWG, which is chaired by the Vice President, comprises relevant ministers and other top government officials. Nigeria’s Energy Transition Plan, officially launched, last week, at a global virtual event, is a homegrown, data-backed and multi-pronged strategy developed for attainment of the 2060 net-zero emissions commitment in five critical sectors: power, cooking, oil and gas, transport and industry.
Nigeria needs $410 billion to deliver the Transition Plan by 2060. Among other highlights, the plan needs at least $10 billion per year above business-as-usual spending for effective implementation.
At the launch, the World Bank and a renewable energy organisation, Sun Africa, pledged $1.5 billion each, totaling an initial $3 billion investment to support implementation of the Transition Plan.
