The 11th Berlin Energy Transition Dialogue (BETD) is taking place in the German Federal Foreign Office from March 18 to 19. The BETD focuses on accelerating the transition from fossil to renewable energies. In Berlin, decision makers from politics, business and civil society from 90 countries (around 40 official delegations) met to discuss a secure, affordable, and sustainable energy supply for the future. On the occasion of the BETD, Nigeria announced Faruk Yusuf Yabo, Permanent Secretary of the Nigerian Ministry of Communications, Innovation and Digital Economy as co-chair of the Green Guarantee Initiative, alongside Germany\u2019s previous appointment of Lars-Hendrik R\u00f6ller.<\/p>\n\n\n\n
On behalf of the Federal Foreign Office and the Federal Ministry for Economic Affairs and Climate Action, State Secretary and Special Envoy for International Climate Action in the Federal Foreign Office Jennifer Morgan welcomed Nigeria taking on this international leadership role:<\/p>\n\n\n\n
\u201cWe are honored to welcome Faruk Yusuf Yabo, Permanent Secretary of the Nigerian Ministry of Communications, Innovation and Digital Economy, as Co-Chair of the Green Guarantee Group. Nigeria comes with deep experience of still existent barriers, like cost of capital and currency risk, hindering countries trying to accelerate their sustainable development and green transitions. These insights will prove invaluable as the Green Guarantee Group moves from concept to concrete actions. We look forward to working together with Nigeria and all members of the Green Guarantee Group in shaping the finance systems that support cleaner, greener, more accessible energy systems for all.\u201d<\/em><\/p>\n\n\n\n Faruk Yusuf Yabo, Permanent Secretary of the Nigerian Ministry of Communications, Innovation and Digital Economy, also reaffirms Nigeria’s commitment to the Green Guarantee Group:<\/p>\n\n\n\n \u201cWe see much potential in guarantees to de-risk green investments \u2013 in Nigeria, and other developing countries. To date, only about 10% of green investments go into developing countries, despite the high investment needs and large potential for profitable projects. That is why I am very pleased to announce that the Nigerian government, will go ahead and join the initiative \u201cGreen Guarantee Group\u201d. I am very much looking forward to my role as GGG Co-chair and will contribute with all my expertise and dedication.\u201d<\/em><\/p>\n\n\n\n The Green Guarantee Group (GGG) highlighted progress in two sessions at the BETD: a Roundtable on the energy transition in Africa together with countries that have joined the initiative \u201cAccelerated Partnership for Renewables in Africa (APRA)\u201d, and a deep dive interview with GGG Chair Lars-Hendrik R\u00f6ller on the latest developments of the GGG\u2019s work and the GGG\u2019s political agenda until COP30.<\/p>\n\n\n\n \u201cDiscussions here at BETD have shown that the Green Guarantee Group (GGG) is addressing the right topics. There are still many barriers for private investments in the global energy transition, particularly capital costs and risk assessments. We are convinced that through the work of the GGG, we will help to make green guarantees one of the key levers to mobilize private capital for the green transformation.\u201d, Lars-Hendrik R\u00f6ller summarized the meetings at BETD.<\/em><\/p>\n\n\n\n BETD marks the starting point for a political agenda out to COP30, envisaging three main deliverables: First, GGG will publish a report with recommendations and integrate the topic of guarantees into the international political agenda. Second, GGG will identify and showcase successful lighthouse projects with guarantees, showing that guarantees do have a significant impact for the energy transition. Third, GGG plans to create a platform to present these lighthouse projects, connect guarantee providers and recipients, and help navigate existing guarantee mechanisms.<\/p>\n\n\n\n