Nigeria’s Path to 100% Renewable Energy by 2060: A Comprehensive Roadmap
Wärtsilä has published a report detailing how Nigeria can achieve a 100% renewable energy system by 2060. The plan includes developing significant renewable capacity alongside energy storage and balancing power plants. It outlines the necessity for substantial investments and policy reforms to lower energy costs and carbon emissions significantly while ensuring universal electricity access.
Wärtsilä, a global technology group, has released a report titled “Nigeria Leading Africa to Net Zero,” which outlines a feasible plan for Nigeria to establish a 100% renewable energy system by 2060. This plan is critical as Nigeria aims to address its growing energy demands while ensuring universal electricity access for its populace. The report emphasizes the necessity of a data-driven and economical energy strategy using advanced modeling techniques that forecast an optimal power system to achieve net-zero emissions.
The proposed optimal power system for Nigeria encompasses 1,200 GW of renewable energy capacity. It will necessitate 283 GW of energy storage and 34 GW of engine-based power plants for grid stability. The analysis suggests that investing in renewable energy alongside gas engines and energy storage will effectively lower energy costs, expand access, and enhance grid reliability. By 2060, the cost of electricity generation is anticipated to decline by 74% compared to 2022 levels, while carbon emissions are expected to reach zero.
Additionally, the report identifies the significant contribution of Nigeria’s domestic gas in facilitating an effective energy transition. The country’s extensive gas reserves are poised to serve as an economical transitional fuel for balancing power until gas plants are converted to operate on green hydrogen, commencing in the early 2040s. Wale Yusuff, Managing Director of Wärtsilä in Nigeria, stated that successful implementation of the roadmap would lead to a fully decarbonized power system capable of meeting the energy requirements of Nigeria’s rapidly expanding population.
Nonetheless, actualizing this ambitious initiative will demand substantial investments, projected at $18.7 billion by 2030 and $425 billion by 2060. Yusuff underscored that attracting such extensive investment hinges on significant policy reforms, pointing out that despite existing efforts to strengthen the legal framework, project developers must navigate a complex and uncertain system that increase investment risks.
Given its abundant gas reserves and immense renewable energy potential, Nigeria is well-positioned to achieve a successful energy transition. By enhancing its power transmission infrastructure, developing robust policy frameworks, and executing a data-driven renewable energy plan, Nigeria is poised to move towards ensuring universal access to affordable, reliable, and completely decarbonized electricity.
In conclusion, Wärtsilä’s report presents a clear pathway for Nigeria to achieve 100% renewable energy by 2060, emphasizing the essential roles of renewable energy, energy storage, and domestic gas. The projected investments underscore the need for significant policy reforms to foster an investor-friendly environment. By utilizing its natural resources effectively and improving infrastructure, Nigeria can secure a sustainable energy future for its populace.
Original Source: www.itnewsafrica.com
