The Minister of Power, Saleh Mamman, has said that renewable energy is one of the ministry’s focal points to drive power supply in the country even as it plans to integrate renewable energy through the Paris Agreement and the Vision 30:30:30 to deliver 30GW of electricity with 30% renewable energy mix by 2030.
At a virtual launch of Sustainable Use of Natural Resources and Energy Finance (SUNREF), the minister, represented by the Director, Renewable Energy and Rural Power Access, Faruk Yabo, said that the lack of financing was the key challenge facing the renewable energy and energy efficiency in Nigeria.
“It is quite gladdening that the private sector and our partners are working tirelessly to ensure that Nigeria gets emission reduction as well as other commitments that are being achieved.
“We will like to commend the support rendered by the Finance Development Bank as well as the European Union and other partners to ensure that this particular programme comes to fruition,” he said.
He explained that the €70 million grant funded by the AFD and the European Union Infrastructure Trust Fund (EU-ITF), which would be accessed to support energy efficiency and renewable energy, would go a long a way in supporting the government’s electricity vision 30:30:30
In his comments, the Country Director, French Development Agency (FDA), Pascal Grangerau, said the event marked another milestone with collaborative efforts with Nigeria, to join the rest of the world towards contributing to the implementation of the Paris Agreement signed in 2016.
According to him, the agency was committed to fighting climate change and global warming.
In his own speech, the Chief Executive Officer/Managing Director, Access Bank Plc, Herbert Wigwe, represented by the executive director, risk management, Gregory Jobome, said the bank had been part of the green energy for eleven years, and was very conscious of the opportunity to contribute its quota to renewable energy portfolio in Nigeria.
“We are hoping that what we can achieve with this project would serve as a catalyst for other banks to come to the table and play their part as well,” he said, adding that the bank is well-equipped for the journey, maintaining that it had entered various strategic partnerships with Development Finance Institutions (DFIs), and other partners.
The Senior Director, Environment and Energy, Winrock International, Inga-Elisabeth Hawley, said Winrock had catalysed over $1 billion in renewable energy investment in the last 25 years.
She noted that from 2014 to 2018, Winrock in collaboration with USAID funded renewable energy and energy efficiency programme in Nigeria, which resulted in a pipeline of clean energy projects worth more than $10 million.
“We are very pleased to continue this work in Nigeria at an expanded scale through the SUNREF programme,” she said.
By Chibisi Ohakah, Abuja
Be the first to know when we publish an update
