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.
According to an Energy Transition Plan document obtained by The PUNCH on Sunday, Nigeria will need $1.9 trillion to reach net zero emissions by 2060, including $410 billion above projected usual spending, which translates to about $10 billion or N4 trillion annually over the next few decades.
To kickstart the plan's implementation, the Federal Government announced that Nigeria would raise an initial $10 billion support package ahead of the COP27 meeting in Egypt, adding that a $23 billion investment opportunity had also been identified based on current in-country programs and projections that were directly related to just the energy transition.
To achieve the plan, incremental investments would be made from 2021 to 2060, according to the document.
A breakdown of the required spending by sector shows that $135 billion will be spent on infrastructure, while $150 billion will be spent on power. In addition, $12 billion will be spent on the oil and gas sector, $21 billion on industry, $79 billion on the cooking sector, and $12 billion on transportation.
