Former Vice President of Nigeria, Yemi Osinbajo, promotes renewable energy deployment to significantly cut costs and emissions.
Global Energy Alliance for People and Planet (GEAPP)
Yemi Osinbajo, the global advisor of the GEAPP, shared insights at the New York University (NYU), Abu Dhabi Campus. The GEAPP is dedicated to aiding the global community in meeting critical climate goals over the next decade.
Green Opportunities for Economic Growth
Osinbajo emphasized four conditions for achieving climate-positive growth, urging African nations to align economic growth with green opportunities. He suggested focusing on processing bauxite with renewable energy, potentially saving 335 million tonnes of CO2 annually and generating $37 billion in additional revenue.
Renewable Energy’s Potential in Africa
By aggressively deploying renewable energy resources, Osinbajo envisions providing affordable energy to all Africans, with a 30% cost reduction and over 90% lower emissions per KWH. Africa boasts abundant solar, wind, geothermal, and hydro potential, with untapped renewable energy potential 50 times the anticipated global demand for electricity in 2040.
Market Access and Financing Challenges
Osinbajo called for fair market access for green products, services, and carbon credits. He highlighted challenges in the voluntary carbon market, emphasizing the need for prices that cover project development costs, monitoring, and generate viable returns for stakeholders. Additionally, he addressed high costs of capital in Africa, advocating for reforms to the international financial architecture.
Towards Sustainable Development
Osinbajo’s call for green growth in Africa aligns with the region’s unique potential to achieve economic growth without increasing emissions. He emphasized the importance of keeping promises, operationalizing the Loss and Damage Fund, and committing to $100 billion a year in climate finance for developing countries.
In summary, Osinbajo’s vision emphasizes the transformative impact of renewable energy on Africa’s economy, environment, and global climate goals.
Source：thisdaylive.com
