• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 3, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

$25bn global investment needed annually to access clean cooking by 2030

Cooking

The Matters Press by The Matters Press
May 21, 2022
Reading Time: 2 mins read
0
Osinbajo urges promotion of blue economy project

The Minister of State for Petroleum Resources, Chief Timipre Sylva said that annual global investment of 25 billion dollars could help 2.6 billion Africans gain access to clean cooking by 2030.

RELATED POSTS

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Atiku’s hunger revolution, delusional – TMSG

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

The minister said an annual investment of around 35 billion dollars could bring electricity access to 759 million Africans who currently lacked it.

Sylva said these at the annual Symposium and Exhibition of the Society of Petroleum Engineers (SPE) in Lagos.

Sylva, in a statement on Thursday by his Senior Adviser, Media and Communications, Mr Horatius Egua, said the required investment represented only a small fraction of the multi-trillion-dollar global energy investment needed overall.

The United Nation Economic Commission for Africa (UNECA) in a report, noted that Africa needed about 40 billion dollars worth of investments every year, to meet its energy needs.

According to UN’s Department of Economic and Social Affairs, everyone in the world can have access to clean, affordable energy within the next nine to 10 years if countries modestly increased investments.

“The major question that is yet to be answered is whether Africa would benefit from an equitable share in the global investment and growth.

“Or will continue to fall behind global standards as encapsulated in the UN’s 17-Sustainable Development Goals (SDGs)

“Despite the long-term and required drop in demand for fossil fuels, short-term demand and prices remain robust, providing strong commercial justification for their extraction and a need to smooth transition,” Sylva noted.

He said that despite contributing less than six per cent of world energy consumption and two per cent of total global emissions, there was need for the continent to shift to cleaner energy use.

He reported the International Energy Agency (IEA), saying renewable energy was expected to support the growth of electricity from 20 to 50 per cent of total energy supply by 2050.

He future said that the remaining energy demand that was impossible to electrify would require cleaner solutions, which could only come from natural gas – the closest ally to renewables.

Sylva, however, said in that context, a key decision and renewed impact was to persist in expanding the role and opportunities of natural gas towards recovery and shared prosperity for a sustainable Africa.

Sylva said with significantly untapped fossil fuel reserves, which could provide much-needed foreign direct investment and export revenue, Africa had the ability to play a leading role in the transition to a net-zero energy future.

According to him, the continent’s enormous resources can be harnessed, using clean energy technologies.

“And in line with Federal Government declaration of years 2021 – 2030 as the ‘Decade of Gas’, we are taking steps to expand and develop the nation’s huge gas resources,” he said.

This, he said, would be through enhanced gas exploration, development and utilisation schemes which would lead to gas reserves growth, increased gas production, maturation of the domestic and export gas market, as well as gas flare elimination.

The minister called for a multiple pathways to the energy transition, to ensure that no country was left behind in the process of achieving net-zero emission by 2060.

“We need to develop bankable projects to scale up access to funding and investment and adopt a mix of energy solutions to address the needs of each country,” he said.

The SPE annual symposium and exhibition had as its theme “Energy Transition In Africa: A Strategic Pathway To Net Zero”.

Tags: Clean
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Next Post
Nigerian firms to handle $4b gas project

Nigeria, Cote d’Ivoire to deepen bilateral relations

Nigeria, WFP worry over food situation

AfDB approves $1.5bn to avert food crisis on the continent

Recommended Stories

Consumer commission, CBN, EFCC investigate violations in money lending

CBN confirms evacuation of banknotes, directs banks to open for weekend operations

March 24, 2023
NERC declares meters free under mass scheme

171,107 meters installed in Q1 2023

August 4, 2023
Nigerian firms to handle $4b gas project

Female engineers seek Tinubu’s approval to fix moribund refineries

August 20, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎
  • Atiku’s hunger revolution, delusional – TMSG
  • ‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us