Osinbajo: Nigeria will reject plan to defund gas projects

Vice President Yemi Osinbajo has said Nigeria will play a critical role with other gas exporting countries to stop the defunding of gas and fossil fuel projects in developing countries.

Osinbajo said this while presiding over a virtual meeting on the subject with top federal government officials in attendance.

He insisted that funding for gas and fossil fuel projects in Nigeria and other developing countries be sustained during the global transition to net-zero emissions.

He stressed that Nigeria would continue its frontline advocacy for a just transition.

The Vice President, in a statement issued Friday by his spokesman, Laolu Akande, said that it was vital that the Forum of Gas Exporting Countries (GEC) join forces to prevent the defunding of gas and fossil fuel projects, especially from developing countries, by international bodies and institutions.

According to him, concrete steps should be taken by the GEC Forum to stop further plans by international bodies and Western countries on defunding of gas/fossil fuel projects as it does not benefit developing countries especially.

He said it was vital Nigeria plays a significant role in achieving a consensus with the GEC Forum on these issues, even as the 26th United Nations (UN) Climate Change Conference of the Parties (COP26) – which is scheduled to hold later this year – approaches.

In the same vein, the Vice President asked the Inter-ministerial committee on Climate Change, led by the Federal Ministry of Environment, to finetune Nigeria’s position for COP26, while the Federal Ministry of Petroleum Resources would focus on strengthening the country’s strategy, particularly in its initiative to use gas as a transition fuel.

Both the Minister of State for Petroleum Resources, and Minister of Foreign Affairs were directed to work together, ensuring the GEC Forum reaches a consensus that reflects Nigeria’s advocacy on defunding of gas projects.

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