Osinbajo worries over Looming Fall in Funding for Gas

26 Jun Osinbajo worries over Looming Fall in Funding for Gas

Vice President Yemi Osinbajo has expressed concern about the global clamour for green energy, leading to reduction in funding for gas and fossil fuel projects, especially in developing countries, by international bodies and institutions.

At the virtual meeting, of top government officials he called over the subject, he maintained his position that the funding for gas and fossil fuel projects in Nigeria and other developing countries be sustained during the global transition to net-zero emissions and said Nigeria would continue its frontline advocacy for a just transition to zero-emission.

At the meeting held on  Thursday were the Ministers of Environment, Dr. Mohammad Mahmood Abubakar; Foreign Affairs, Geoffrey Onyeama; Minister of State, Environment, Sharon Ikeazor; Minister of State, Power, Goddy Jedy Agba, and the Permanent Secretary, Federal Ministry of Petroleum Resources, Bitrus Bako Nabasu.

Osinbajo asserted that Nigeria would play a critical role with other gas exporting countries to stop the defunding of gas and fossil fuel projects in developing countries.

The Vice President noted that it was vital that the Forum of Gas Exporting Countries (GEC) join forces to prevent the defunding of gas and fossil fuel projects, especially from developing countries, by international bodies and institutions.

According to the VP, concrete steps should be taken by the GEC Forum to stop further plans by international bodies and Western countries on defunding of gas/fossil fuel projects as it does not benefit developing countries especially.
He noted that it was vital Nigeria plays a significant role in achieving a consensus with the GEC Forum on these issues, even as the 26th United Nations (UN) Climate Change Conference of the Parties (COP26) scheduled to hold later this year approaches.

In the same vein, the Vice President asked the Inter-ministerial committee on Climate Change, led by the Federal Ministry of Environment, to finetune Nigeria’s position for COP26, while the Federal Ministry of Petroleum Resources would focus on strengthening the country’s strategy, particularly in its initiative to use gas as a transition fuel.

Both the Minister of State for Petroleum Resources and Minister of Foreign Affairs were directed to work together, to ensure the GEC Forum reaches a consensus that reflects Nigeria’s advocacy on defunding of gas projects.

Before now, Osinbajo had, at different forums in the past months, raised the issue of financing of gas projects in developing countries, especially Nigeria, advocating a just transition and more effective engagements since the campaign for the net-zero emission by 2050 resumed.