Buhari: Europe, America should lift fossil fuel investment Embargo

President Muhammadu Buhari has urged energy investors in Europe and the United States to lift the moratorium on investment in African fossil fuels.

Attending the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland, President Buhari acknowledged the seriousness of climate change. However, Nigeria currently still needs the fossil fuel fund to transit successfully to net zero.

“We must think carefully whether our dash to terminate the use of fossil fuels so swiftly is as wise as it sounds,” the president said.

“There is no single ‘green bullet’ that can be deployed either in Africa or the world that solves concerns of environmentalists while simultaneously offering the power to fuel hope of greater wealth and progress for the extra one billion citizens of our African future.”

President Buhari pointed out what can be done right now to slowly shift into cleaner energy, saying: “But there are certain things we can and must do — starting with transitioning to cleaner, but consistent energy production.

“Fossil fuel power generation that can provide electricity 24 hours a day in all conditions can be re-tooled greener through carbon capture and the conversion of coal and heavy fuel oil power stations to biomass.”

The president also proposed to invest in other ways, such as carbon-neutral nuclear power plants and hydro-powered plants.

“We can bring forward new technologies such as mini-hydropower plants which can operate and produce power day and night along shallow waterways without damaging the aquatic life on which local communities are sustained.”

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