Energy transition: Renewable energy Stakeholders advocates sustainable financing model.

Stakeholders in the renewable energy sector have called for a sustainable financing model to ensure attainment of Nigeria’s Energy Transition Programmes (ETP).

The stakeholders made the call in Abuja on Tuesday at a stakeholders engagement on the nation’s energy transition programme.

They were of the view that financing, especially private sector finance mobilisation was key in execution of ETP programmes in Nigeria.

The programme with the theme titled “Maximizing Just Energy Transition Opportunities through ban Inclusive Country Platform was organised by the Yar’ Adua Foundation.

Mr Patrick Okigbo of Nextier Advisory Energy Transition Limited, an energy transition advocated for a funding model that was sustainable.

He said the nation could adopt model like the petroleum development funding model where funds from petroleum proceeds could be dedicated to drive ETP.

He also said the sustainable financing could only be attained with the support of the private sector, saying that government can not totally fund the ETP.

“here should be clear financial and comprehensive plan to attract private financing.”

According to him, energy security should be considered as critical along side national security in Nigeria.

He said efforts should be made to place the people and the communities at the centre of ETP.

“To achieve energy transition in Nigeria, we must place the people and communities at the heart of every activity and discussion of energy transition programmes, engaging them to understand their needs.

“Creating community based ETP strategy to address negative impact in ETP.

“We need to strengthen government commitment and leadership on ETP,with strong political will, more commitment, more action and less talks.”

He said government must work toward addressing the micro economic uncertainties , address infrastructure challenges and ensure provision of infrastructure for renewable energy development.

“We must drive stakeholders collaboration to minimise resistance and foster trust.*

Mr Olumide Onitekun of African Policy Research Institute(APRI) advocated the use of just energy transition for ETP in Nigeria.

He said just energy transition was all about defunding fossil fuels in a way that reduces inequality, while prioritising economic, racial, and gender justice.

He, however, said the plan required political will, private sector collaboration and programmed funding approach.

Earlier, the Director Partnership and Development ,Yar’ Adua Foundation, Mr Amara Nwankpa said the ETP , while ambitious does not align with a least cost pathway to total electrification.

He said there was need to envision a different future , one where renewable energy would drive economic growth, job creation and expanded energy access.

High point of the event was a panel discussion on ensuring an inclusive and equitable energy transition opportunities and challenges.

Others were presentation of stakeholders commitments on next steps to energy transition programmes in Nigeria.