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Help preserve industry funding, Osinbajo tells indigenous operators

by OtownGist
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Vice President Yemi Osinbajo has called on indigenous energy companies to lend their weight in preventing multilateral finance institutions from defunding oil and gas projects and to prevent the impending disaster that may arise from that.

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Osinbajo made the call on Monday in his remarks delivered at a virtual event to commemorate the 25th anniversary of Sahara (Energy) Group.

Senior Special Assistant to the Vice President on Media and Publicity disclosed this in a statement titled, ‘Petroleum Industry Act, gas initiatives will transform Nigeria’s energy sector – Osinbajo’.

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The Vice President reiterated the need for a just transition to zero-emission, as well as more advocacy to stop the defunding of gas and fossil fuel projects in developing countries.

He said, “Already the wealthier nations and their institutions have banned all public investments in certain fossil projects, including natural gas.

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

“The AfDB is increasingly unable to support large natural gas projects in the face of shareholder pressure from their European members.”

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osinbajo said the Federal Government was building coalitions with other affected countries to urge a just transition to zero transmission.

He called on indigenous energy companies to join in the urgent advocacy that is required to prevent the disaster that would result from defunding oil and gas projects.

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