COP28 Gains: Cross River State is committed to innovation, investment in green initiatives, Gov Otu
… attracts establishment of $500m 1GW Solar PV Manufacturing Plant
Cross River State government has declared its commitment to creating an environment that would lead to innovation and investment in green initiatives. This is as the state has attracted the establishment of $500 million 1GW Solar PV Manufacturing Plant by a consortium of international investors.
These developments were disclosed by the state Governor, Senator Bassey Edet Otu while briefing the media in Calabar, the State capital, on the outcomes of the state government participation at the recently concluded 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC), held at the United Arab Emirates (UAE) between November 30 and December 12, 2023.
According to him, one of the gains from the world climate conference, is that, ‘‘a greater opportunity for climate-resilient infrastructure development has been opened to Cross River State.’’
To this end, Otu noted that, ‘‘Cross River State is absolutely committed to fostering an environment that nurtures innovation, encourages investment in green initiatives, and promotes a thriving green economy. This commitment was shown in efforts aimed at maximising the opportunities provided by the COP28 event and was evident in the initiatives, partnerships, and collaborations initiated by the State government build up to the conference, which culminated in various gains.’’
Speaking further, the governor disclosed that one of the gains recorded by the state was the signing of an, ‘‘MoU for the establishment of a 1GW Solar PV Manufacturing Plant in Cross River State.’’
This MoU, he said was signed between the Infrastructure Corporation of Nigeria (INFRACORP), Solarge International BV, and The African Green Infrastructure Investment Bank (AFGIIB).
‘‘The project will be financed through a $500M Foreign Direct Investment syndicated by the African Green Infrastructure Investment Bank. This project will significantly extend the reach of renewable energy in the State,’’ he disclosed.
Further, ‘‘the proposed 1GW P.V. manufacturing plant will be located in the dedicated Green Manufacturing Hub in Cross River State's Free Trade Zone. The Government of Cross River State is committed to making the State a home for green manufacturing projects, and we will be working with the state assembly to pass eco-friendly laws and create an enabling environment for the creation of a green economy for the benefit of our people and supporting the overall economic growth of Nigeria.
Otu added, ‘‘the establishment of this solar P.V. manufacturing plant is a significant step towards achieving our nation's ambitious renewable energy goals. It will reduce our reliance on fossil fuels and their associated emissions, create thousands of jobs, and boost our economy. This pivotal project aligns seamlessly with our vision to make Cross River State a beacon of sustainability and a model for embracing renewable energy solutions.
The governor pledged the commitment of the State government to ensuring that the project comes on stream as planned, as stated, ‘‘As a State, we are particularly excited about the potential of this project to revolutionize our energy landscape and enhance our access to clean, affordable electricity. We are committed to working closely with the Infrastructure Corporation of Nigeria and the other partners to ensure that the benefits of this project are felt across our communities and beyond.’’
