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CO2: U.S. cuts 4.5mmts harmful gas from Nigeria

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CO2: U.S. cuts 4.5mmts harmful gas from Nigeria

●Facilitates clean energy to 261, 938 Nigerians

 

The United States (U.S.) has aided the cut down of 4.5 million metric tons of poisonous Carbon dioxide (CO2) gas from Nigeria’s atmosphere.
Chief of party for the United States Agency for International Development (USAID)’s Nigeria Renewable Energy Efficiency Project (REEEP), Javiar Betancourt, disclosed this to New Telegraph in Lagos.
He maintained that this feat was achieved through the Renewable energy project.

The USAID’s REEE project, he stated on the sideline of project’s closing ceremony for REEEP, also facilitated clean energy supply to 261, 938 Nigerians
The US Consul General, John Bray, added that the United States government and the people were excited to play a major role in the project through the USAID.
The United States, Bray explained, took this part of honour based on its belief that efficient power supply plays a pivotal role in the economic development of any nation.
The government of the Unites States will continue to support programmes that aid the development of the country, he said.

Pointing out that the $2.1 million was leveraged by USAID’s REEEP in financing for the project, Mr. Betancourt, said that $600, 000 of the fund was sourced in financing from an investment bank in Nigeria, Eco Bank Plc.
“The $1.5 million of the fund was raised through engagement of the crowdfunding platform Bettervest to fund the pilot and other projects,” Betancourt added.

Besides, he said the REEEP celebrated “its achievements and partners at this event. After four years, the project finishes its official activities on 1 March 2018. Donours, Non-Governmental Organisations (NGOs), government agencies, lending institutions and Nigerian renewable energy companies are thanked by the project for their participation in building the renewable energy sector in Nigeria.

“USAID REEEP facilitated the development and financing of renewable energy and energy efficiency, market and strengthened the current policy and regulatory environment for public and private sector investment. The project, which ran from March 2014 to February 2018 aimed to mitigate climate change, reduce carbon emissions, increase economic opportunities, improve employment, and, ultimately, sustain development in Nigeria.”

Through its technical assistance and financial services during the projects tenure, REEEP, the project’s chief of party said, enabled over 16, 600 connections for 2.15 megawatts of power either through off-grid sources.
“This means 261, 938 Nigerians received clean and reliable energy for the first times, which resulted in over 85, 000 GJ energy saved due to use of more efficient technologies compared to diesel or petrol,” he said.
“Environmentally, these connections reduced or sequestered 4.5 million metric tons of Carbon-di-oxide from entering the atmosphere.
“Its been a pleasure and an honour to work in the renewable energy and energy efficiency sector in Nigeria.

“These past four years have been challenging, yet transformative time. We witnessed a foreign exchange crisis that severely restricted financing for RE/EE projects. Despite this, we saw Nigerian companies making movement on ambitious new projects, such as Africa’s largest (potentially) solar irrigated farm.
“Additionally, in partnership with GIZ NESP, six off-grid mini-grid were commissioned. These mini-grids will play a pivotal role in electrifying rural areas of Nigeria and demonstrating suchs project’s bankability.”
He had earlier maintained that the Central Bank of Nigeria (CBN) was also mulling investments of about N1.525 billion ($5 million) in renewable energy sector for Nigerians who are off the national grid.
Statistics from the Federal Government showed that over 80 million Nigerians are not connected to the power grid.
The REEEP, funded by USAID and Power Africa and Implemented by Winrock, Javier Betancourt said, had already leveraged about $2.1 million in financing for Renewable Energy and Energy Efficiency (RE/EE) projects from both domestic and international investors.
“The CBN should implement the projects by this year or next year,” Betancourt said in a remark, adding that his view on the date of implementation was based on talks between his agency and the central bank.

 

 

 

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