- Osinbajo addressed Nigerian journalists in Kenya on Monday after moderating a panel session on “Carbon Markets in the Global South” at the ongoing Africa Climate Summit/Week.
- The summit is championed by Kenyan President William Ruto, who doubles as the Chairman of the Committee of Heads of State of the African Union on Climate Change.
The inaugural Africa Climate Summit, commencing in Nairobi, Kenya, yesterday, is set to feature prominent African leaders, including Nigeria’s President Bola Tinubu. They will address critical climate change topics such as green growth, carbon pricing, climate financing, adaptation, and renewable and clean energy. The summit, led by Kenyan President William Ruto, who also chairs the Committee of Heads of State of the African Union on Climate Change, carries the theme “Driving Green Growth and Climate Finance Solutions for Africa and the World.” Its primary goal is to promote green growth and devise climate finance solutions for Africa.
The organizers state that during the summit, heads of state will collaborate to establish a unified stance on essential matters like adaptation, renewable energy, sustainable development, food and water security, and funding for climate action across the African continent. These discussions are expected to serve as crucial groundwork for the United Nations Climate Change Conference COP 28, scheduled for November in the United Arab Emirates.
In the context of global efforts to shift towards clean and sustainable energy sources, Nigeria’s former Vice President, Yemi Osinbajo, stressed that African leaders cannot be compelled to rapidly phase out fossil fuel usage without adequate climate financing for the continent. Osinbajo shared this perspective during discussions with Nigerian journalists in Kenya on Monday, following his moderation of a panel session on “Carbon Markets in the Global South” at the ongoing Africa Climate Summit/Week in Nairobi.
Yemi Osinbajo emphasized the need for a carbon market and financial support to facilitate the transition from fossil fuels to renewable energy. Osinbajo pointed out that some use of fossil fuels, especially gas, is necessary as a transition fuel during this process. He highlighted that no country worldwide has exclusively relied on renewable energy to develop its industries, and all developed nations have utilized fossil fuels to some extent to achieve their industrialization. Given these realities, Osinbajo underscored that African countries should not be expected to undergo an abrupt and dramatic transition away from fossil fuels.
In summary, the Africa Climate Summit in Nairobi is hosting African leaders to discuss critical climate-related issues, and Nigeria’s leaders are emphasizing the need for climate financing and a pragmatic approach to transitioning from fossil fuels to renewable energy, recognizing the challenges and complexities involved.