Further to my discussion yesterday at the ongoing #G20Brazil summit holding in Brasilia, I spoke about the critical role of energy transition in achieving clean & affordable energy access and the road map to a net-zero emissions target by 2050. The Modern, affordable, reliable, and sustainable energy is essential for economic growth, these contribute significantly to improved healthcare, education, and urban & rural development across Africa.
I stressed the need to note that despite contributing the least to global carbon emissions, African countries are disproportionately affected by climate change, necessitating accelerated climate action. Nigeria, among others, is taking bold steps to combat climate change, investing up to 9% of its GDP in addressing climate change and signing the Paris Agreement. However, the continent also faces challenges like energy poverty, with energy consumption for electricity, heat, and transport accounting for over 70% of global emissions. Energy services are vital for poverty reduction, disease prevention, and pandemic control, highlighting the urgent need for increased energy access.
In response, Nigeria proposed a comprehensive Energy Transition Plan in 2021 to address energy poverty and climate change, aiming for universal access to affordable energy (SDG7) by 2030 and net-zero emissions by 2060. However, funding remains a challenge, with Africa receiving only 2% of global renewable energy investment from 2000 to 2020. Access to finance, particularly for clean energy systems, is crucial for developing nations. Initiatives like debt-for-climate swaps could play a pivotal role in achieving the goals of the Paris Agreement.
This is intended to further enhance our advocacy on energy efficiency and a safer environment by fostering sustainable collaborations between development partners and other key stakeholders.
