Despite the steady global transition towards a net-zero gas emission, the Nigerian Vice President, Prof.YemiOsinbajo has appealed to the international community for continuous financing of gas projects in Nigeria during the transition period.
Prof.Osinbajo who made this appeal at a virtual meeting with the European Union (EU) delegation led by its Vice President, ValdisDombrovskis, emphasised the need for a transition where gas as a fossil fuel is still supported in Nigeria and other developing countries.
Having continuously advocated for more effective support for the finance of gas project in Nigeria and other developing nations, the Vice President reiterated that “A just transition to net-zero emissions, probably one where gas as a fossil fuel is still supported, especially for those of us in this part of the world, is absolutely important as it will enable us to phase-out more polluting fuels such as coal and diesel.”
He therefore, appealed to the international community to consider as an option, the use of gas and other environmentally friendly fuel sources instead of what he termed “defunding gas project” simply because it causes environmental pollution.
In his response, Mr.ValdisDombrovskis, said the decision to phase out investments on fossil fuels was in line with the organization’s policy on promoting green energy initiative and urged Nigerian government to explore the requirement in the financing instruments to seek ways of attracting investment for projects in the gas sector.
Beyond energy transition, other areas of the bilateral agreement between the EU and Nigeria include technology, intellectual property right, research, innovation, and humanitarian assistance.