Renewables pushed international vitality funding to $3tn – NUPRC

The Chief Govt of the Nigerian Upstream Petroleum Regulatory Fee, Gbenga Komolafe, says the rising funding in renewable and clear vitality applied sciences and infrastructure has pushed total vitality funding above $3tn for the primary time in 2024.

Komolafe said this on the licensing spherical industrial bid convention held in Lagos yesterday.

In keeping with him, international funding in clear vitality is now reported to be about twice as a lot because the funding in fossil fuels.

“Rising investments in clear vitality applied sciences and infrastructure have pushed total vitality funding above $3tn for the primary time in 2024,” he said.

Nevertheless, he mentioned the Organisation of the Petroleum Exporting International locations, the Worldwide Power Administration, and different vitality retailers have maintained that fossil fuels would proceed to dominate the worldwide vitality combine with projections that oil and gasoline will stay the spine of the worldwide vitality combine within the medium to long run, pushed by inhabitants progress, urbanisation, and financial enlargement in growing economies.

The projections, he mentioned, indicated that oil and gasoline will nonetheless account for over half of the worldwide vitality provide by 2050.

“Additionally emphasising the persevering with function of pure gasoline as a transition gas, significantly in a area the place vitality entry and affordability stay a precedence, the above projections and narratives affirm the enduring significance of oil and gasoline amidst advocacy for an accelerated shift to renewable vitality sources.

Within the face of those projections, Komolafe harassed that Nigeria should strategically place itself to annex its huge sources amid poor home and international vitality calls for.

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