The NNPC Ltd. says it will pursue new and profitable energy ventures to deliver the country’s net-zero transition by 2060.
To this end, the Company said it has taken steps to decarbonise its operations through gas flare outs, while pursuing carbon capture initiatives and technology that support low carbon processes.
The Group Chief Executive Officer (GCEO), NNPC, Mele Kyari, disclosed this recently during the launch of the Nigeria Energy Transition Plan, by Vice President Yemi Osinbajo.
Kyari said there is a growing population of young people who need a stronger economy that is powered by reliable energy options.
He said: “This event is coming after the historic presidential unveiling of the NNPC Ltd. with a clear vision and a renewed commitment to up-scaling NNPC’s relevance in the global energy market while ensuring energy security for our country.
“With NNPC Ltd. as a fully commercialised enterprise, Nigeria is well-positioned to lead the African continent in a just and gradual energy transition.”
He said Nigeria and other African countries adopted 2060 as a suitable date for its net-zero transition hinged on energy justice, adding that Nigeria had adopted gas as its transition fuel to help fund other renewable infrastructure.
He said: “NNPC recognises the activities of the oil and gas sector as a significant contributor to carbon emissions and the consequent adverse impact on the climate.
“We have taken steps to decarbonise our operations by primarily extinguishing gas flares from our operations, pursuing carbon capture initiative and technology that support low carbon operations while focusing on gas as a transition fuel.”
He added: “NNPC is taking advantage of Nigeria’s huge natural gas reserves of over 200 trillion cubic feet (tcf) of gas with the potential to grow to 600tcf as more investment is expected due to the recent resolution of the production sharing contracts.
“The company is also taking advantage of the empowerment of the NNPC by the Petroleum Industry Act to take full responsibility for commercial operation of the Joint Venture assets.”
We have taken steps to decarbonise our operations by primarily extinguishing gas flares from our operations, pursuing carbon capture initiative and technology that support low carbon operations while focusing on gas as a transition fuel.
Kyari said the Company supports the government’s National Gas Expansion Programme, to deepen natural gas utilisation as an alternative transportation fuel.
He also revealed that progress is being made in the construction of the Abuja-Kaduna-Kano (AKK), the Nigeria-Morocco and the Trans-Saharan Gas Pipelines.
The Nigeria Energy Transition Plan showcased the country’s pathway to achieving net-zero emissions by 2060, and its leadership role in enabling a just and equitable climate future for Africa, with the ultimate objective of mobilising the finance required to jumpstart implementation of the Plan.
Specifically, the global launch highlighted Nigeria’s commitment and ambition to achieve carbon neutrality while also ending energy poverty, which would lift 100 million people out of poverty, drive economic growth, and bring modern energy services to the entire population.
The drive for Nigeria’s energy transition is in line with Sustainable Development Goal 7 (SDG7), which advocates for “affordable, reliable, sustainable and modern energy for all by 2030.”
The SDG 7 targets three areas namely: access to energy (SDG 7.1), renewable energy (SDG7.2) and energy sufficiency (SDG7.3).
Nigeria is a signatory to both the COP26 agreement and the Paris Climate Accord which advocate for net zero emissions, but Africa’s biggest economy seeks a more equitable way to achieve it. (NAN)
