Osinbajo: It’s worrying wealthy nations are restricting investment in fossil fuels

Osinbajo: It’s worrying wealthy nations are restricting investment in fossil fuels

Vice President Yemi Osinbajo says it is worrying that a growing number of wealthy nations have banned or restricted public investment in fossil fuels, including natural gas.

The vice president expressed his concern on Tuesday, December 7; in his keynote address at the World Liquefied Petroleum Gas Association (WLPGA) week-long forum in Dubai, United Arab Emirates.

Osinbajo spokesman, Laolu Akande, in a statement, said the theme of the forum being held; at the Dubai World Trade Centre, is “Energising Tomorrow.”

Osinbajo said that the world should not have to choose between energy poverty as well as climate change as the challenge could be addressed; with both natural gas and Liquified Petroleum Gas (LPG) as transition fuels alongside other renewable sources.

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“It is worrying that a growing number of wealthy nations have banned or restricted public investment in fossil fuels, including natural gas.

“Such policies often do not distinguish between different kinds of fossil fuels; nor do they consider the vital role some of these fuels play; in powering the growth of developing economies; especially in sub-Saharan Africa.

“As development finance institutions try to balance climate concerns against the need to spur equitable development; and increase energy security, the UK, the US, the EU have all taken aggressive steps to limit fossil fuel investments in developing and emerging economies.

“The World Bank and other multilateral development banks are being urged; by some shareholders to do the same.

“The African Development Bank, for instance, is increasingly unable to support large natural gas projects in the face of European shareholder pressure.”

The vice president also acknowledged that all countries had a part to play in the fight against climate change.

According to him, a global transition away from carbon-based fuels must account for the economic differences; between countries and allow for multiple pathways to net-zero emissions.

He said that it should not be necessary to have to choose between energy-poverty nexus; and climate change since both could be properly addressed simultaneously.

 

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