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Business News of Thursday, 25 August 2022


Nigeria’s Energy Transition Plan sending right signals to global investors – Michael Bloomberg

Michael Bloomberg Michael Bloomberg

Michael Bloomberg, the billioniare founder of Bloomberg LLP, has stated that Nigeria’s Energy Transition Plan is sending the right signals to investors and hopefully, it will inspire more countries to join ahead of COP 2027.

Mr Bloomberg disclosed this at the launch of Nigeria’s Energy Transition Plan on Wednesday, August 24, 2022, in Abuja, Nigeria’s capital city.

Nigeria aims to reach its net zero targets by 2060 by investing in low carbon emission opportunities including natural gas, and also take 100 million Nigerians out of poverty in a decade.

What Bloomberg is saying

Bloomberg said, “It’s great to see Nigeria step up, with the big ambitious plan you are launching today”.

He added that Bloomberg Philanthropies will invest in countries with major clean energy potential including Nigeria, helping ten countries with enormous clean energy potential to avoid coal and accelerate energy transition.

"Moving to a net zero economy will bring economic net benefits for Nigerians. Government can’t do it alone and Bloomberg Philanthropies will work with public and private sector partners to fight climate change, improve public health and create jobs in Nigeria.

“Your plan is sending the right signals to investors and we hope it will inspire more countries to join ahead of COP 2027,” he added.

What you should know
The public launch of the Nigeria Energy Transition Plan showcased Nigeria’s pathway to achieving net-zero emissions by 2060, and their leadership role in enabling a just and equitable climate future for Africa, with the ultimate objective of mobilizing the finance required to jumpstart implementation of the Plan.

It highlights Nigeria’s commitment and ambition in achieving carbon neutrality while also ending energy poverty, which will lift 100 million people out of poverty, drive economic growth, and bring modern energy services to the entire population.

The Plan aims to:

Create awareness to drive demand in other African countries by emphasizing the need for data-driven country-level energy transition plans in order to achieve a just, inclusive and equitable energy transition for all ahead of the ‘African COP’ hosted by Egypt.

Mobilize new partners by showcasing existing support for data-driven energy transition planning from international partners, including Sustainable Energy for All, The World Bank, The Rockefeller Foundation, and the Global Energy Alliance for People and Planet.

Mobilize investors and the private sector by showcasing concrete projects to deliver the transition goals while creating significant market opportunities
Announce new opportunities for solar energy companies to obtain results-based finance from the Universal Energy Facility as part of a new financing window focused on supporting Stand-Alone Solar for Productive Use.

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