Financing transition to clean energy requires massive investment — Senator Dickson

By Abubakar Yunusa

Senator Seriake Dickson, the Chairman of the Senate Committee on Ecology and Climate Change, on Tuesday , said Africa’s transition to sustainable progress is no easy task, and it will demand substantial investments.
The former governor of Bayelsa made stated this at the maiden Africa Climate Forum 2023, held in Abuja, with the theme, “Powering the Future: Financing Energy Transition for Sustainable Progress,” organized by the Global Center for Law, Business, and Economy,in Abuja.
Senator Dickson stated, “Transitioning to a sustainable energy future is not a simple endeavor. Although Africa boasts 40% of the world’s renewable energy sources, the available financial resources indicate that we have only attracted 2% of them.”
“Financing the transition to clean energy necessitates massive investments, the development of a clean energy infrastructure, investments in innovative technologies, and a shift in our energy consumption practices.
“The transition to clean energy is not only about mitigating the effects of climate change but also about preparing the economy for the future,” he said.
Senator Dickson stressed the need for synergy among all ministries, departments, and agencies, as financing the transition will require legislative intervention, either by strengthening existing legislation or introducing new legislation to promote funding for energy transition.
In his opening remarks, Dr. George Nwangwu, the Director-General of the Global Center for Law, Business, and Economy, highlighted the numerous opportunities that energy transition offers to Africa.
He said the program aims to address the challenges affecting energy transition across the continent through debate and collaborative solutions. Driven by the private sector, the energy transition in Africa will be shaped by the solutions devised during the Nairobi summit.
According to him: “These opportunities include taking the lead in developing new technologies, creating new jobs, and developing new skills, capacities, and expertise. Dr. Nwangwu emphasized the importance of preparing the population to capitalize on these opportunities.
Dr. Nwangwu also pointed out that the lack of reliable power poses a significant challenge to both private citizens and businesses, resulting in annual economic losses estimated at $26.2 billion, equivalent to 2% of GDP.
“It is imperative for Africa, home to a large portion of the world’s impoverished population, to take energy-related issues seriously. If the energy transition in Africa is mishandled, it could pose an existential threat to the continent itself,” he warned.