President Muhammadu Buhari has said Nigeria lacks funding to urgently finance its energy transition and climate action agenda due to debt distress in the country.
The president, who was represented by the Minister of Environment, Mohammed Abdullahi, disclosed this while addressing the high-level segment of the 27th edition of the United Nations Climate Change Conference (COP27) in Egypt on Tuesday.
At COP26 in Glasgow last year, the minister announced Nigeria’s commitment to net-zero by 2060 on the basis of a detailed Energy Transition Plan (ETP).
He described the plan as the first of its kind in Africa and that it highlights the significant scale of resources required to attain both development and climate ambitions by 2060.
“…However, the public finance urgently needed to fund energy transitions and climate action is lacking – a situation compounded by debt distress affecting many low- and middle-income countries,” he said.
The minister recalled that at COP26…
