ENERGY TRANSITION: FG Eyes N834trn To Meet Net Zero Target


By Munachimso Obienyi

The Federal Government has said Nigeria will require N834 trillion to attain net zero by 2060 as part of its support to the global fight against climate change and meeting the country’s Energy Transition Plan.

According to a document on the Energy Transition Plan seen by NwafoLive, Nigeria would require $1.9 trillion to get to net zero by 2060, including $410 billion above projected usual spending, which translates to about $10 billion or N4 trillion annually over the coming decades.

To kickstart the implementation of the plan, the Federal Government said Nigeria would raise an initial $10 billion support package ahead of the COP27 holding in Egypt, adding that a $23 billion investment opportunity had also been identified based on current in-country programmes and projected that were directly related to just the energy transition.

According to the document, there would be incremental investments from 2021 through 2060 to attain the plan.

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