…Says Nigeria’s Energy Transition Plan Opens $500bn Investment Opportunity
Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu, has called for structured legislative interventions across the globe to tackle climate-related disasters and strengthen resilience in vulnerable communities.
Kalu made the call on Thursday while speaking during a debate on “Urgent Parliamentary Action to Address Climate-related Disasters and Strengthen Resilience” at the ongoing 153rd Assembly of the Inter-Parliamentary Union (IPU) in Arusha, Tanzania.
He urged lawmakers to move beyond climate pledges and translate commitments into practical, bankable projects capable of attracting investment, creating jobs and strengthening communities affected by climate change.
According to him, global legislative action should focus on two key areas: developing an investor-ready pipeline of priority projects covering clean energy, transport, agriculture, resilient infrastructure and the circular economy; and establishing a project-preparation and transaction-support platform to move viable projects from concept to financing and implementation.
“Legislation must not remain a statement of intent. It must become an instrument of delivery,” Kalu said.
He said lawmakers must see themselves as architects of the legal certainty and public accountability required to build resilient, competitive and sustainable economies.
“Today, I propose that this debate should not end as another important conversation. It should become the beginning of a structured legislative intervention across the globe,” he said.
Kalu said climate change was already affecting livelihoods and economies, with farmers facing irregular rainfall and declining yields, coastal communities battling erosion and rising waters, businesses losing productive hours to unreliable energy, and cities struggling with devastating floods.
He said climate action in Nigeria must be viewed beyond environmental concerns, stressing that it directly affects food production, energy access, employment, industrialisation and urban resilience.
“For Nigeria, climate action is not an abstract environmental aspiration, but about whether a farmer can harvest despite changing rainfall patterns; whether a family can access affordable and reliable electricity; whether a young person can find dignified work in a modern economy; whether our cities can withstand floods; and whether Africa’s largest economy can industrialise without reproducing the environmental vulnerabilities of the past,” he said.
The Deputy Speaker also criticised the slow implementation of international climate agreements, noting that developing countries had continued to face inadequate, inaccessible and unaffordable climate financing despite years of global commitments.
He said Nigeria was not attending the IPU Assembly merely to restate its needs, but to present investment opportunities and invite investors to co-finance a growing pipeline of commercially viable and climate-resilient projects.
Kalu recalled that Nigeria announced at COP26 its commitment to achieve net-zero emissions by 2060 through the Nigeria Energy Transition Plan, describing the initiative as a development-centred pathway aimed at reducing emissions while expanding energy access, creating jobs, reducing poverty and building economic resilience.
He disclosed that the country’s updated Energy Transition Plan estimates that about $500 billion in capital investment above business-as-usual spending would be required to achieve net zero by 2060.
“This is not simply a financing gap; it is an investment horizon. It is an opportunity to build new markets, modernise infrastructure, create green jobs, unlock innovation and deliver long-term returns,” he said.
He identified distributed renewable energy, solar mini-grids, battery storage, clean cooking, electricity transmission and distribution, industrial energy efficiency, climate-smart agriculture, irrigation, cold-chain logistics, food processing, electric mobility, mass transit, waste-to-value systems, methane reduction and green manufacturing as key investment areas.
Kalu also highlighted the need for increased investment in flood-control systems, resilient drainage, coastal protection, nature-based solutions, climate-resilient housing and infrastructure.
He said climate finance must address both mitigation and adaptation, given the impact of extreme weather, flooding, land degradation, food insecurity and climate-induced displacement on developing countries.
On Nigeria’s legislative response, Kalu listed strengthening the implementation of the Climate Change Act, monitoring climate-related public expenditure, supporting credible carbon-market and green-finance frameworks, improving investor protection and contract enforcement, ensuring transparent approval processes for green projects and supporting the expansion of state-level electricity markets.
He also called for sustained dialogue among government, investors and affected communities.
“Our message is simple: Nigeria’s green transition must be a just transition. It must expand access to affordable energy, create decent work, support communities, equip young people with new skills, promote women’s participation in the green economy and ensure that no region or social group is left behind,” Kalu said.
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