Vice President, Prof Yemi Osinbajo has called for a debt-for-climate swap deal to achieve a just and equitable energy transition for Nigeria and other African countries.
According to a statement issued by Osinbajo’s spokesman, Laolu Akande, the Vice President made the call at a lecture on a just and equitable energy transition for Africa at the Centre for Global Development in Washington D.C, United States.
Osinbajo said the swap deal would significantly advance the course of global net-zero emissions targets and facilitate energy access and the development of African countries if it scaled through.
“Debt for climate swap is a type of debt swap where bilateral or multilateral debt is forgiven by creditors in exchange for a commitment by the debtor to use the outstanding debt service payments for national climate action programs.
“Typically, the creditor country or institution agrees to forgive part of a debt, if the debtor country would pay the avoided debt service payment in a local currency into an escrow or any other transparent fund and the funds must then be used for agreed climate projects in the debtor country.”
Osinbajo stated that the debt for climate swap deal is a win-win for both the global North and African countries, adding that the commitment to it would “increase the fiscal space for climate-related investments and reduce the debt burden for participating developing countries.
“For the creditor, the swap can be made to count as a component of their Nationally Determined Contributions,” he said.
The vice president added that to make this efficient “there are of course significant policy actions necessary to make this acceptable and sustainable.”
He also proposed the greater participation of African countries in the Global Carbon Market while exploring financing options for energy transition.
Osinbajo noted that there was a need to take a comprehensive approach in working jointly towards common goals, including the market and environmental opportunities presented by the financing of clean energy assets in growing energy markets.
“In addition to conventional capital flows both from public and private sources, it is also essential that Africa can participate more fully in the global carbon finance market.
“Currently, direct carbon pricing systems through carbon taxes have largely been concentrated in high and middle-income countries. However, carbon markets can play a significant role in catalysing sustainable energy deployment by directing private capital into climate action, improving global energy security, providing diversified incentive structures, especially in developing countries, and providing an impetus for clean energy markets when the price economics looks less compelling – as is the case today,” he said.
Osinbajo stated that the developed countries should support “Africa to develop into a global supplier of carbon credits, ranging from bio-diversity to energy-based credits which would be a leap forward in aligning carbon pricing and related policy around achieving a just transition.”
The vice president noted that to address the concerns of the African continent and other developing countries regarding a just transition, “the central thinking for most developing countries is that we are confronted on this issue of a just transition with two, not one, existential crises; the climate crisis and extreme poverty.
“The clear implication of this reality is that our plans and commitments to carbon neutrality must include clear plans on energy access if we are to confront poverty. This includes access to energy for consumptive and productive use and spanning across electricity, heating, cooking, and other end-use sectors.
“Nearly 90million people in Asia and Africa who had previously gained access to electricity can no longer afford to pay for their basic energy needs. The inflationary pressures caused by the COVID-19 pandemic and other macroeconomic trends have been further exacerbated by the ongoing war in Ukraine.
“Countries worldwide have been hit by record prices on all forms of energy. Power prices are breaking records across the globe, especially in countries or markets where natural gas plays a key role in the energy mix,” he stated.
Osinbajo further cautioned that “in such a global reality, limiting financing of gas projects for domestic use would pose a severe challenge to the pace of economic development, delivery of electricity access and clean cooking solutions, and the scale-up and integration of renewable energy into the energy mix.
“African nations are now happily more intentional in taking joint ownership of our transition pathways and designing climate-sensitive strategies that address our growth objectives. This is what Nigeria has done with our Energy Transition Plan.
“Our Energy Transition Plan finds that an additional $10billion over business as usual is required annually till 2060 to shift the entire economy to a net-zero pathway,” the vice president said.
On the subject of energy investments, he identified the mismatch in the volume of investments experienced in developed countries as opposed to developing countries.
“While representing just 15percent of the world’s population, high-income countries received 40percent of global energy investment in 2018. Conversely, developing countries with 40percent of the world’s population received just 15percent of global energy investment. This hasn’t improved much in recent years,” Osinbajo noted.
Only Your Votes’ll Decide Fate Of Candidates, INEC Reassures Nigerians
The Independent National Electoral Commission (INEC) has reassured Nigerian voters that only their votes will be the sole determinant of the winners among the 15,322 candidates nationwide contesting in next year’s general election.
The commission reiterated its commitment to ensuring that it delivers a credible, free and fair election, reassuring that the votes of the electorate will definitely count.
INEC Chairman, Prof Mahmood Yakubu, gave the assurance in his keynote address at the Annual Conference of the Guild of Corporate Online Publishers, held in Lagos, yesterday.
He admitted that with the lifting of the ban on political campaigns, the tempo of political activities has increased with parties, candidates and their supporters commencing campaigns, rallies, processions and media advertisements to canvass the support of the electorate.
The chairman, however, warned that the commission will pay particular attention to the conduct of parties, candidates and their supporters, stressing that as the regulator, it will play its role to ensure compliance with the provision of the law as well as our guidelines and regulations.
“The 2023 general election is fast approaching. It is now 141 days to Election Day. Polling Units will open at 8:30 am on Saturday, February 25, 2023, for national elections (Presidential and National Assembly) and the same time on Saturday, March 11, 2023, for state elections (governorship and state assembly).
“Campaign in public by political parties officially commenced on Wednesday, September 28, 2022. Therefore, the tempo of political activities has increased as parties, candidates and their supporters commence campaigns, rallies, processions and media advertisements to canvass the support of the electorate.
“The commission has published the final list of 15,322 candidates for the General Election contesting for 1,491 seats (one Presidential, 28 Governorship, 109 Senatorial, 360 House of Representatives and 993 State Assembly constituencies).
“I wish to restate once again the commitment of INEC to credible elections. Votes will continue to count and will be the sole determinant of the electoral outcome,” he assured.
The electoral umpire boss further explained that technological innovations introduced by the commission will guarantee and protect the sanctity of the choice made by Nigerians at the polls.
“For this reason, the commission has introduced many new innovations, supported by the deployment of appropriate technology, to protect the sanctity of the choice made by Nigerians at the polls ranging from voter registration to voter accreditation and result management,” he said.
“The deployment of the Bimodal Voter Accreditation System (BVAS) with its dual fingerprint and facial biometric accreditation process has ensured that only genuine voters are accredited to vote during election. This has curtailed the incidence of multiple voting and other sharp practices associated with voter accreditation during elections.
“The BVAS has come to stay and will be the only means by which voters will be accredited in the 2023 general election.
“Furthermore, the introduction of the INEC Result Viewing (IReV) Portal has made the result management procedure more transparent. Polling Unit results are now uploaded in real-time to the IReV portal for public view.
“This has enhanced the transparency, credibility and consequently public confidence in the outcome of elections. The IReV has come to stay and polling unit results will be uploaded to the portal in real-time in the 2023 general election,” he said.
Yakubu further emphasised that; “as campaigns commence, I also wish to remind political parties and candidates that you all signed the Peace Accord organised by the National Peace Committee (NPC) in which you committed yourselves to peaceful electioneering campaign. I urge you to be guided by the letter and spirit of the accord.
“For our part, the commission will pay particular attention to the conduct of parties, candidates and their supporters. As a regulator, the commission will play its role to ensure compliance with the provision of the law as well as our guidelines and regulations.
“We will pay particular attention to a peaceful campaign devoid of abusive, intemperate and slanderous language as well as the use of innuendoes or insinuations likely to provoke a counter-reaction resulting in the breach of the peace.
“Similarly, we will pay special attention to the observance of limits on party and candidate finance. I urge political parties and candidates to carefully study the provisions of the Electoral Act 2022 and familiarise themselves with their obligations as well as the penalties under the law.
“As you are aware, elections are a multi-stakeholder activity. As the commission is doing its best to ensure a credible process, we also appeal to the media for a continuous partnership. Managing the electoral process for credible outcomes is the responsibility of all of us. As campaign activities get underway, the media will continue to play an important role. A lot of the activities will take place in the media of which the new media is a critical player.
“We must continue to work together against the spread of fake news, misinformation and disinformation that seek to create or exacerbate tension or de-legitimise processes and outcomes,” Yakubu charged.
2023: Era Of Ballot Box Snatching Over, Banigo Insists …Lauds Wike For Reappointing Danagogo
Rivers State Deputy Governor, Dr. Ipalibo Harry Banigo, has expressed gratitude to Governor Nyesom Wike for the reappointment of Dr. Tammy Danagogo as Secretary to the State Government.
Banigo stated this during a meeting with leaders and critical stakeholders of the Peoples Democratic Party in Akuku-Toru Local Government Area at the Government House in Port Harcourt, yesterday.
The deputy governor, who congratulated Danagogo for his re-appointment, described the re-appointment as well-deserved.
Banigo said she does not take lightly the call to represent Rivers West at the Senate, and noted that her kind of representation at the Upper Legislative Chambers would bring glory to God.
“I encourage you to tell your people to collect their PVCs, because this time around the votes will count, as the new Electoral Act does not allow what they did in 2019, they cannot try it as nobody can carry ballot boxes”, the deputy governor stressed.
In a related development, Rivers State Deputy Governor, Dr. Ipalibo Harry Banigo, has commended leaders of the PDP in Ahoada West Local Government Area, for keying into the Divine Kingdom Mandate.
Banigo made this commendation while meeting with them at the Government House in Port Harcourt, yesterday, preparatory to the commencement of her campaigns in the upcoming elections.
She motivated the people to exercise their franchise, by collecting their PVCs to vote for credible candidates of the PDP.
“They should come out and vote, because this is our opportunity to chase out this bad All Progressives Congress-led government at the federal level, as they have brought so much untold suffering, untold hardship, bloodshed and kidnapping. We have seen the developmental strides of our governor so much development is going on in Rivers State, and we are poised to give you more”, Banigo added.
Wike Signs Instrument To Withdraw Omehia’s Recognition As Ex-Gov, Today …Re-Appoints Danagogo As SSG
The Rivers State Governor, Chief Nyesom Wike, will today sign the official instrument to withdraw the recognition of Sir Celestine Omehia as former governor of the state.
A statement signed by the Special Assistant on Media to the Rivers State Governor, Kelvin Ebiri, yesterday, said that the ceremony would “take place at the Government House, Port Harcourt, on Friday, 7th October, 2022 by 12 noon”.
The statement further read, “His Excellency, the Governor of Rivers State, Chief Nyesom Wike, is to sign the instrument on cancellation of the recognition of Sir Celestine Omehia as a former governor of Rivers State.
“The cancellation of the recognition is sequel to the resolution of the Rivers State House of Assembly adopted on Thursday, October 6, 2022, to derecognise Sir Celestine Omehia as a former governor of the state”, the statement added.
Meanwhile, the Rivers State Governor, Chief Nyesom Wike, has approved the re-appointment of Dr Tammy Danagogo as the Secretary to the State Government.
A statement signed by the Special Assistant on Media to the Rivers State Governor, Kelvin Ebiri, last Wednesday, said that “the appointment takes immediate effect.”
It added, “His Excellency, the Governor of Rivers State, Chief Nyesom Wike, has approved the re-appointment of Dr.Tammy Wenike Danagogo as the Secretary to the Rivers State Government (SSG).”
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