VP Osinbajo and VP Harris in the White House
Vice President Yemi Osinbajo Friday conferred with his US counterpart, Kamala Harris, at the White House on areas mutual interests especially on global energy issues including climate change.
VP Harris commended the Federal Government’s Energy Transition Plan ,ETP, while praising Osinbajo’s leadership and advocacy for a better global environment.
Osinbajo’s spokesman, Laolu Akande, in several tweets shared moments Osinbajo had with Harris who told Osinbajo: “I have no question that they-ETP goals-would be achieved” referencing Osinbajo’s works as pointer to a world committed to a better tomorrow.
VP Osinbajo also commended the US government for the Inflation Reduction Act.
VP Harris told Osinbajo, in recognition of his ongoing global advocacy on a just energy transition towards 2060 net-zero emissions target,- “when we look at the issue of the climate crisis, Mr Vice President, you have been an extraordinary leader on this issue.”
VP Osinbajo confers with US counterpart at White House on mutual interests. VP Harris commends FG’s Energy Transition Plan, ETP-praising Osinbajo’s leadership, by which “I have no question that they-ETP goals-would be achieved.” Osinbajo also praised the US Inflation Reduction Ac
Earlier, while delivering a lecture on Thursday at the Center for Global Development in Washington D.C, U.S, Osinbajo had proposed a Debt-For-Climate (DFC) Swap deal in order to ensure a just energy transition for African countries.
Akande disclosed this in a statement on Friday in Abuja.
Osinbajo is in Washington, U.S. to seek global partnerships and support for Nigeria’s recently inaugurated Energy Transition Plan(ETP).
Osinbajo said: “Debt for climate swaps is a type of debt swap where bilateral or multilateral debt is forgiven by creditors in exchange for a commitment by the debtor to use the outstanding debt service payments for national climate action programmes.
“Typically, the creditor country or institution agrees to forgive part of a debt, if the debtor country would pay the avoided debt service payment in a local currency into an escrow or any other transparent fund and the funds must then be used for agreed climate projects in the debtor country.
“Increase the fiscal space for climate-related investments and reduce the debt burden for participating developing countries.
“For the creditor the swap can be made to count as a component of their Nationally Determined Contributions (NDC).”
