FG targets N834tn to reach its net zero goal

FG targets N834tn to reach its net zero goal

 

The Federal Government has stated that Nigeria will require $1.9 trillion (N834 trillion) to achieve net zero emissions by 2060 in order to support the global fight against climate change and meet the country’s Energy Transition Plan.

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According to an Energy Transition Plan paper  Nigeria will need $1.9 trillion to reach net zero emissions by 2060, including $410 billion above estimated typical spending, which amounts to around $10 billion or N4 trillion yearly over the next few decades.

Before the COP27 meeting in Egypt, the Federal Government announced that Nigeria would raise an initial $10 billion support package to get the plan started. It also stated that a $23 billion investment opportunity had been discovered based on current in-country projects and programs that were specifically focused on the energy transition.

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The proposal would be accomplished by incremental investments from 2021 to 2060, according to the document.

According to a breakdown of the necessary investment by sector, $135 billion will be spent on infrastructure, and $150 billion will be spent on the power industry. In addition, $12 billion will be spent on the oil and gas industry, $21 billion on business, $79 billion on food, and $12 billion on transportation.

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