The Vice President, Yemi Osinbajo, has described the global energy transition as an opportunity for the preservation of the earth and a vehicle for unlocking the development potential and livelihoods of millions of people, especially those in developing countries.

He, however, noted that the transition has to be fair and sensitive to the peculiarities and priorities of Africa

Osinbajo said these at the 2022 Standard Bank Climate Summit themed, ‘Africa’s Path to Carbon Neutrality,’ where he spoke on how to manage the energy transition to net-zero in the context of Africa’s unique challenges, such as energy poverty.

This was disclosed in a statement signed by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande, on Thursday.

Making reference to Nigeria’s Energy Transition Plan as a leading light, he said the value of having a nation-specific, data-driven plan as the basis of activities and engagements that cannot be overemphasized, adding that the plan provides a clear financial estimate for the achievement of Nigeria’s energy access and transition goals.

On financing energy transition, Osinbajo said a balanced and just approach to the energy transition recognizes that finance is key. Lack of access to finance remains the biggest challenge for accelerating action on energy access and climate goals in Africa.

The Vice President restated the call on developed countries to bridge the disparity in energy investments, noting that of the $2.8 trillion invested in renewable energy from 2000 to 2020, only about 2%, $60 billion, came to Africa.