Nigeria is working a proposal for a Just Energy Transition Partnership (JETP) to submit to the G7, as part of efforts to increase financing to help it meet its net zero by 2060 target.
President Bola Tinubu shared the view at the Africa Climate Summit in Nairobi, where he said that JETPs — public-private climate financing packages — are emerging as an important source of climate capital for the energy transition and Nigeria is still working to secure a partnership.
Last year Government called on G7 countries to include Nigeria in the climate partnership list.
At the Nairobi summit, Tinubu called for the programme to be scaled up across the African continent, saying it is “encouraging” that South Africa and Senegal have secured such deals.
Nigeria’s energy transition plan requires funding of around $1.9 trillion up to 2060, with $10bn.a year required in additional funding compared with business-as-usual financing. Current financing falls short of the levels needed to support the country’s transition, Tinubu said.
The country is seeking to transform its power sector to reach about 220GW of solar, biomass and hydro generation capacity, 90GW of storage capacity and 34GW of hydrogen systems.
The plan also sees gas as having an important transitional role in domestic sectors such as power generation, grid stabilisation for the integration of renewables and for cooking purposes. The plan predicts that gas production expansion costs between 2020 and 2030 will reach around $4bn and that domestic gas demand will rise by 25pc above 2019 levels.
Nigeria is not the only country relying on its gas resources to support its energy transition. After signing Senegal’s €2.5bn ($2.7bn) JETP with G7 countries and the EU, President Macky Sall said that gas should have a space in his country’s energy mix.
During the summit today, Sall said that it would be an energy “injustice” if countries were not allowed to use gas as a transition energy source.
