How Nigeria’s Energy Transition Plan is Inspiring Other Countries – Bloomberg

By Tolulope Oke

The billionaire founder of Bloomberg LLP, Michael Bloomberg, has said that Nigeria’s Energy Transition Plan is inspiring other nations to join in advance of COP 2027 and is sending the appropriate signals to investors.

Mr. Bloomberg made this announcement at the official unveiling of Nigeria’s Energy Transition Plan held in Abuja.

Nairametrics reports that Nigeria aims to reach its net zero targets by 2060 by investing in low carbon emission opportunities including natural gas, and also take 100 million Nigerians out of poverty in a decade.

According to Bloomberg, “It’s great to see Nigeria step up, with the big ambitious plan you are launching today”.

He added that Bloomberg Philanthropies will invest in countries with major clean energy potential including Nigeria, helping ten countries with enormous clean energy potential to avoid coal and accelerate energy transition.

“Moving to a net zero economy will bring economic net benefits for Nigerians. Government can’t do it alone and Bloomberg Philanthropies will work with public and private sector partners to fight climate change, improve public health and create jobs in Nigeria.

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“Your plan is sending the right signals to investors and we hope it will inspire more countries to join ahead of COP 2027,” he added

The plan demonstrates Nigeria’s dedication and aspiration to being carbon neutral while also eradicating energy poverty, which would help 100 million people escape poverty, spur economic growth, and provide modern energy services to the whole population.

It aims to achieve a just, inclusive, and equitable energy transition for everyone prior to the “African COP” hosted by Egypt, and raise awareness to spur demand in other African countries by highlighting the necessity for data-driven country-level energy transition plans.

Furthermore, to showcase existing international support for data-driven planning for the energy transition from partners including Sustainable Energy for All, The World Bank, The Rockefeller Foundation, and the Global Energy Alliance for People and Planet to attract new partners.

Similarly, to demonstrate tangible projects that will help to achieve the transition goals while opening up large markets to attract investors and the private sector.