As the net-zero carbon emissions ambition of world leaders is accelerating the global shift away from hydrocarbon-based energy sources, $472 billion will be invested in renewable energy in 2022, 44 per cent more than the $326 billion in 2017, a report by Agusto & Co has revealed.
“Many governments are making sustainable investments a strategic thrust and are using policies and incentives to drive innovation in renewable energy technologies. As a result,anticipates that the world’s capacity to generate electricity from solar panels, wind turbines, and other renewables will grow significantly in the next few years, “the report stated.
“In addition, Nigeria has undertaken to cut its greenhouse gas emissions by 20% between now and 2030 and to attain net-zero emissions by 2060. However,is of the opinion that Nigeria’s aspirations are rather lofty considering that the country is still grappling with inadequate electricity supply from the national grid as unmet demand is estimated at approximately 20,000 megawatts . With rapid industrialisation, population and income growth, this supply gap is expected to widen.
It pointed out that Nigeria’s current energy mix is heavily skewed towards gas, with 23 thermal plants contributing 76 per cent of the total installed generating capacity.