By Adewale Sanyaolu
As the global campaign over cleaner energy gains momentum, there are strong indications that Nigeria and other developing countries may lag behind over funding constraints.
Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Mohammed Sanusi Barkindo, gave the hint at the Ministerial Roundtable on Energy, Climate and Sustainable Development in Vienna, Austria, yesterday.
According to BloombergnNEF, about $15 trillion is the amount of money to be invested in new power capacity globally over the next three decades. The BloombergnNEF analysis also said that between 2020 and 2050, another $14 trillion will be invested in the grid, likely to adapt it for a surge in solar and renewable power deployments, which, according to the analysis, will constitute 56 per cent of total global generation capacity by 2050.
Barkindo said financing is critical to reach any climate targets set in developing countries’ nationally determined contributions (NDCs).
‘‘There has been a lot of talk about finance issues from developed countries, but so far a disappointing amount of pledges have been realized. Developing countries have indicated the need for enhanced support, including financial resources, technology development and transfer and capacity building to aid adaptation and back increased ambitions for climate action.
He argued that the capacities and national circumstances of developing countries must be taken into account in all actions in order to not render countries already struggling even more besieged.