PRESIDENT TINUBU: RISK MANAGEMENT VITAL FOR AFRICA’S FULL TRANSITION TO CLEAN ENERGY
Fully aware that Africa contributes the least to global carbon emissions but bears a disproportionate share of economic burden for transitioning to cleaner energy, President Bola Tinubu says risk management is vital for Africa’s full and swift transition to cleaner energy, emphasizing that Africa must not become a victim of the disruptions that come with climate change mitigation measures.
Speaking on a panel on African Green Industrialization hosted by the COP28 Presidency and the President of the United Arab Emirates, His Highness Sheikh Mohamed bin Zayed Al Nahyan, in Dubai, United Arab Emirates, on Saturday, President Tinubu said Nigeria and Africa urgently require investments in alternative energy to be able to fully and effectively transition.
The President said there is an urgent need to heal the bleeding earth, but there is also an urgent need for new investments in critical sectors to leverage on Africa's massive potential contribution to the new global green economy while enabling the continent to effectively adapt and transition.
"Global manufacturers must partner with us to invest in the health of our collective environment. Africa doubles as an unrivaled opportunity in this respect. We are removing all obstacles that are inhibiting progress as Africa's largest economy. The investment environment is becoming cleaner and better.
"But how will Africa not be a victim of all these changes? How do we get value for our resources. We all agree that the earth is crying for healing, but how do you tell a grandmother to stop using firewood to prepare her food? It is for me to invest in solar energy, alternative energy.
"Here, you must encourage investment, and equally consider: how would this investment affect us? Yes, we have the market and sufficient housing that you can electrify with solar panels. There is iron ore; there is investment there, too. Risk management is very key for Africa. The opportunities must be translated soonest. We are moving forward with urgency, and we will maximize the value given in return for those resources," the President affirmed.