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).