Osinbajo: Nigeria will move against plan to defund gas projects

Vice-President Yemi Osinbajo says Nigeria will continue its frontline advocacy on the position that funding for both gas and fossil fuel projects in the country and other developing countries be sustained during the global transition to net-zero emissions.

Osinbajo said this during a virtual meeting with top federal government officials on Thursday.

Net zero emissions is a global goal to end overheating of the planet by achieving an overall balance between greenhouse gas emissions produced and greenhouse gas emissions taken out of the atmosphere.

Osinbajo at various events had raised the issue of financing of gas projects in developing countries as the campaign for net-zero emission by 2050 continues.

In March 2021, he asked the European Union (EU) to preserve financing for gas projects in Nigeria and other developing countries, during the transition to net-zero emission.

At the annual Columbia University global energy summit in May, Osinbajo said placing a ban on gas investments in developing nations raised questions around equity, justice and inclusion.

He therefore called for a more just, equitable and inclusive global energy transition, especially among developing economies.

During the virtual meeting, Osinbajo said it is vital for the forum of Gas Exporting Countries (GEC) to join forces together to prevent the defunding of gas and fossil fuel projects in developing countries by international bodies, institutions and western countries.

He also said it is essential 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), which is scheduled to hold later this year, approaches.

Osinbajo asked the inter-ministerial committee on climate change, led by the ministry of environment, to finetune Nigeria’s position for COP26, while the ministry of petroleum resources to focus on strengthening the country’s strategy particularly in its initiative to use gas as a transition fuel.

The vice-president directed Timipre Sylva, minister of state for petroleum resources, and Geoffrey Onyeama, minister of foreign affairs, to work together on ensuring the GEC Forum reaches a consensus that reflects Nigeria’s advocacy against defunding of gas projects.