The African Development Bank (AfDB), Vice President for Power, Energy, Climate and Green Growth Kevin Kariuki, who paid a visit to Vice President Osinbajo, has agreed with Vice President Yemi Osinbajo on the need to advocate against defunding of fossil projects.
“You clearly stated that gas must be seen to be a transitional fuel for Africa, which is a position that our Bank also supports because we do understand that Africa needs to increase its energy access, and you can’t increase energy access without utilising some of the resources and energy sources that we have. I believe that this position you have taken was also supported and stated by the Bank’s president (Mr Akinwunmi Adesina) during the ministerial retreat.” Kariuki said.
Speaking at the meeting, Mr Osinbajo said, “We are looking at commercial options, and climate finance facility is one that we are trying to pay attention to.”
“We look forward to doing far more in the power sector and hope that we would be able to get your (AfDB) support going forward. We know that there are quite a few things that the Bank has put resources into,” he added.
Vice President Osinbajo has continued to advocate for continued funding for fossil projects in Africa, especially as the world rushes to meet net-zero targets.