Stakeholders back domestic financial reform for renewable energy investment

Two new studies on the Nigerian domestic financial sector reform for on-grid renewable energy investment and the development of a Measurement, Reportable and Verifiable (MRV) framework for the power sector have been endorsed by stakeholders in the environment sector.

The stakeholders met at a two-day validation workshop in Port Harcourt, Rivers State organized by United Nations Development Programme (UNDP), in collaboration with the Energy Commission of Nigeria (ECN), Federal Ministry of Environment and Federal Ministry of Power, Works and Housing.

UNDP is implementing a five-year project titled: “De-Risking Renewable Energy NAMA (Nationally Appropriate Mitigation Action) for the Nigerian Power Sector”, which components include design and development of a power sector renewable energy NAMA supported by De-risking Renewable Energy Investment (DREI) analysis; developing Policy and Institutional Framework for private investment in on-grid renewable power generation, and demonstration of the first commercial on-grid renewable energy project.

The draft reports for the Nigerian domestic financial sector reform for on-grid renewable energy investment was conducted by Mr. Daniel Rossetto of Climate Mundial while Mr. Arnaoudor Vladislov of Japan handled the development of an Measurement, Reportable and Verifiable (MRV) framework for the Nigerian power sector.

Setting the tone for the workshop, the National project coordinator, Okon Ekpenyong, explained that the overall objective of the project is to assist the government of Nigeria in achieving a transformation in the electricity mix such that at least 20GW of Nigeria’s electricity is generated by solar PV by 2030.

Source: The Guardian

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