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JOHANNESBURG, South Africa, June 2, 2021/APO Group/ â
Remarks by Mr Ayuk
Last month, the International Energy Agency proclaimed that the time for new oil and gas investments is behind us. In its report âNet Zero by 2050: A Roadmap for the Global Energy Sector,â the agencyâs guide for tackling the climate crisis, the IEA argued that if the world has any hope of achieving neutral greenhouse gas emissions by the year 2050 and limiting global warming to 1.5 degrees Celsius, then the world must make a radical shift away from fossil fuels.
Immediately.
The IEAâs roadmap to Net Zero by 2050 is hardly the first time there have been calls to usher in the worldâs transition from petroleum energy sources to renewable ones as soon as possible. This momentum has been building for years, and it has made funding African oil and gas projects more challenging.
While investments in fossils are being sustained in wealthier countries, banning gas investments in developing nations raises questions around equity, justice, and inclusion as the global community approaches the Net-zero emission target of 2050.
Therefore, a just, equitable, and inclusive global energy transition especially for developing economies is imperative.
Those were the views expressed by Vice President Yemi Osinbajo, SAN, in his keynote speech today at the 7th Annual New York-based Columbia University Global Energy Summit organized by the Columbia Centre on Global Energy Policy.
This year’s edition which held virtually, focused on shaping the current energy system, what is ahead for energy policy, energy markets, geopolitics, technology, and efforts to reduce emissions while addressing climate change.