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U.S, EU Strikes New Energy Deal in an Effort to Replace Russian Gas

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Russina Oil to Europe

Barely 24-hours after Russian ruler Vladimir Putin demanded payment for Russian gas be made in the local Ruble, the U.S. and EU have struck a deal that seeks to replace the Russian gas supply.

According to a report, the United States is working to supply 15 billion cubic metres (bcm) of liquefied natural gas (LNG) to the European Union oil markets this year. This is coming up as Europe intensifies efforts to wean itself off Russian gas supplies.

Investors King also gathered that the U.S. President, Joe Biden and European Commission President Ursula von der Leyen will announce the formation of a task force dedicated to reducing Europe’s dependence on Russian fossil fuels.

According to data by the EU, 10% of gas used in the EU is produced by the EU with Russia typically supplying some 41% of the rest of the region’s needs.

The U.S president also revealed that the commission will work with EU countries to enable them receive about 50 bcm of additional LNG until at least 2030. Although the figures by the U.S is not exactly clear whether it was referring to add this to the already existing amounts from last year’s 22 bcm of U.S. exports to the European Union, this remains a welcomed update for the EU who have depended on Russian gas for the longest.

Investors King also gathered that the European Union has stepped up its efforts to secure more LNG after talks with a number of supplier countries continued following Russia’s invasion of Ukraine.

A number of countries are individually doubling efforts in reducing their dependency on Russian oil. Germany is one country that has made significant progress in reducing its importation of Russian gas, oil and coal.

According to a report by Germany’s Economy Minister, Robert Habeck, importation of Russian oil now accounts for 25% of German imports which is a record down from 35%, with gas imports cut to 40% from 55% and  Russian coal imports cut to 25% from 50% before the invasion.

Since the start of the war between Russia and Ukraine, Russia has leveraged its fossil fuels as a weapon to frustrate the global oil market after receiving a number of sanctions from world leaders.

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Clean Energy: Over 70,000 People to Benefit from Africa Mini-grids Program

Over 70,000 Nigerians will benefit from its recently launched Africa Mini-grids Program (AMP) instituted to enable access to clean energy

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Solar energy - Investors King

The federal government of Nigeria has said over 70,000 Nigerians will benefit from its recently launched Africa Mini-grids Program (AMP) instituted to enable access to clean energy by increasing the financial viability, and promoting scaled-up commercial investment, in renewable energy mini-grids.

Africa Minigrids Program (AMP) is a project that connects investors with mini-grids stakeholders to help create access to clean energy for the 548 million people in sub-Saharan Africa who currently don’t have access to electricity, which is currently active in 18 African countries.

The Africa Mini-grids Program (AMP) was launched by the federal government through the Rural Electricfication Agency (REA), as the four-year project is funded by the Global Environment Facility (GEF) and supported by the United Nations Development Programme (UNDP) in Nigeria.

Speaking on the launch of the program, the Rural Electrification agency (REA) said, “The Africa Minigrids Program in Nigeria is designed as an enabler project of the REA’s Energising Agriculture Programme (EAP) which aims to advance one of REA’s strategic priorities of focusing on the unserved and underserved to increase economic opportunities through agriculture and productive sectors in rural communities across the country.”

Also commenting on the launch of the program, the UNDP Resident Representative in Nigeria Mr. Mohamed Yahya said: “access to reliable, sustainable, affordable energy is a catalyst to socio-economic development, and in achieving the Sustainable Development Goals (SDGs).

“By scaling up solutions such as renewable energy mini-grids, we will be able to close the energy access gap and unlock opportunities for people in Nigeria and across the region.”

While commending the collaborative spirit of the Agency’s partners and stakeholders that enabled the activation of the program, the Managing Director/CEO of the Rural Electrification Agency (REA), Engr Ahmad Salihijo Ahmad, disclosed that the Africa Minigrids Program will serve as another catalyst for improved access to sustainable energy and equitable and inclusive impact on livelihoods by unlocking agricultural value addition opportunities from electrification.

He added “this sectoral approach is in line with the Agency’s focus on programs to advance the electrification targets and broader social and economic development objectives of the Federal Government of Nigeria.”

In Africa, mini-grids have been identified as a key platform to address critical electrification shortages. Creating successful mini-grid ecosystems beyond pilot projects is now the focus of African governments facing severe shortages, especially for their off-grid populations.

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$472 Billion Will be Invested in Renewable Energy in 2022; Says Agusta & Co

As the call for zero carbon emission continues to gain momentum, Augusta & Co disclosed that $472 billion will be invested in renewable energy in 2022

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As the call for zero carbon emission continues to gain momentum, Augusta & Co disclosed that $472 billion will be invested in renewable energy in 2022. 

According to a report published by the research and credit rating firm, this represents an increase of 44% when compared to $322 billion spent on renewable energy in 2017.

The shift from hydrocarbon energy sources has been a major discussion in many bilateral and multilateral meetings. It has also been featured as part of the discussion at the ongoing 77th UN General Assembly Meeting.

Investors King also understands that the 27th Conference of Parties (COP 27) will be held in November 2022 in Egypt at Sharm El Sheikh International Convention Centre where world leaders will discuss how to tackle the global challenges of climate change. 

Besides, the International Energy Agency has also predicted that Renewables are set to account for almost 95% of the increase in global power capacity through 2026.

Meanwhile, in order not to be left out of the pack, the Nigerian Government has developed an Energy Transition Plan with an estimated cost of $410 billion. 

Investors King also reported that the Vice President, Professor Yemi Osinbajo travelled to the United States in August to discuss Nigeria’s Energy Transition Plan with key global players. 

However, Augusto & Co opined that with the inadequate electricity supply from the national grid which has made many Nigerians rely on generators for energy generation, the country might miss its target or find it very hard to achieve. 

According to the World Bank, 47% of Nigerians lack access to grid electricity and those who do have access, face regular power outages. The Nigeria Government will therefore need to invest vigorously in renewable energy so as to meet up with its Energy Transition Plan, (2060).

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D.Light Launches Solar Products in Nigeria to Transform Lives of Low-Income Individuals

D.Light has officially launched into the Nigerian market to transform the lives of low-income individuals

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Renewable Energy - Investors King

D.Light, a pioneering manufacturer and provider of Solar products has officially launched into the Nigerian market to transform the lives of low-income individuals.

This expansion into Nigeria is coming after the company secured a $50 million investment some months ago to better focus on the renewable energy space and support its expansion in Africa.

Speaking at the launch, Co-founder and President Sam Goldman said “The reality is that we are still so far from where we need to be in terms of our population and their needs.

“Hence our target market is the low-income individuals; not just the rural communities which is why the company adopts the ‘pay-as-you-go” model. Access to sustainable energy will not be possible unless we solve the funding problem.

Also speaking about D.light’s mission in Nigeria and across the globe, the chairman of the board, Mrs. Ibukun Awosika stated that the company seeks to transform the lives of a lot of people on earth, as well as bridge the gap to ensure inclusiveness for everyone.

Her words, “Our vision is to change the lives of billions of people on the face of the earth who are crying for equity to have a chance to live a better life.

“We are in Nigeria to transform Africa one community at a time, and this is our driving force she said”.

The co-founder and CEO, Ned Tozun explained that d.light has employed over 6,000 people across Africa.,

He said, “Our target is lower-income individuals. There is a sun in the village and the cities, so when we just say a rural market, it is not.

“The guy who lives in Lagos, but doesn’t have a generator shouldn’t even use a generator if he can have a solar solution. Why? Because of environmental sustainability.

“So, when you think about all the ESG matters, you will encourage more people to use alternate sources of energy rather than polluting sources of energy and that helps everywhere; whether you are in the city or the village. It is about lower income.

“What we’ve done is to think of the entire problem chain. Firstly, innovate the product. Two, how do you deliver it? Deliver it to them at the most reasonable price. Thirdly, make sure it’s affordable for them”.

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