UAE: Osinbajo Makes Case for Focus on Green Opportunities for Economic Growth in Africa
- Global investors have been told to come to Africa and invest in its renewable energy scheme due to its enormous solar resources
- This call was made by Nigeria’s former Vice President Yemi Osinbajo during his speech at the New York University (NYU) Abu Dhabi Campus
- Osinbajo stated that Africa is home to 60 per cent of the world’s best solar resources, which can generate a revenue of $37 billion
Legit.ng journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro.
Yemi Osinbajo, the former Vice President of Nigeria, has outlined four conditions essential for achieving climate-positive growth and establishing a green industrial zone globally.
The primary condition involves African nations directing their economic growth and development strategies toward green opportunities.
Source: UGC
Osinbajo emphasised that, among the four requirements, two can be addressed by African countries independently, while the remaining two necessitate global cooperation and involvement.
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Speaking as the global advisor for the Global Energy Alliance for People and Planet (GEAPP), an international organisation dedicated to assisting the worldwide community in meeting crucial climate objectives in the next decade, Osinbajo shared these critical points during his address titled "Climate Positive Growth: Africa As A Climate Action Partner For The UAE And The World" at New York University (NYU) Abu Dhabi Campus on December 5, 2023.
Osinbajo said:
"Africa is home to 60% of the world’s best solar resources, and, in addition, has abundant wind, geothermal, and hydro potential. Its untapped renewable energy potential is 50 times the anticipated global demand for electricity in 2040
"Also, Africa has the youngest and fastest growing workforce on the planet, and with its massive natural resources, including arable land and critical mineral assets, it can develop the first green industrial civilization, greening global manufacturing and supply chains and removing carbon from the air.
Osinbajo calls for investments in Africa's renewable energy scheme
Osinbajo emphasised that if Africa processes the 25 per cent of global bauxite production it mines into aluminium using renewable energy before exporting, the continent could potentially reduce its carbon dioxide emissions by 335 million tonnes annually, equivalent to 1 per cent of global emissions.
Additionally, this initiative could create 280,000 jobs and generate an extra $37 billion in revenue for Africa.
He suggested that by aggressively deploying renewable energy resources, Africa can provide energy to its entire population, including the 600 million individuals currently lacking access and the 150 million facing unreliable energy access.
Osinbajo stated that this approach could achieve a 30 per cent cost reduction and over 90 per cent lower emissions per kilowatt-hour compared to the existing policy.
COP28: Nigeria moves for total switch to solar energy, electric cars
Meanwhile, Nigeria has taken a huge step in its quest to transition into a full-fledged energy-optimised nation.
A pact has been entered with foreign firms to build a mega solar PV manufacturing plant in Nigeria.
This will see Nigeria transition from electricity to solar power and petrol-enhanced vehicles to electric vehicles.
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