Nigeria Calls For Sincerity And Transparency In Decarbonization

By Gwamzhi Gwamkat, Nigeria 

The Nigerian National Petroleum Company (NNPC), has called for increased global cooperation and transparency in the journey towards reducing carbon emissions.

Group Chief Executive Officer of the NNPCL, Mele Kyari made the call in Abu Dhabi, at the International Petroleum Exhibition & Conference, also known as ADIPEC 2024, where energy leaders from around the world have gathered to discuss solutions for energy transformation.

Kyari, who addressed the urgent need for collaboration across the energy sector while Speaking on a panel focused on “Decarbonising Operations,” emphasised that openness and transparency were essential in ensuring all parties keep up with the pace of change without being judged for delays.

He encouraged bridging the gaps across sectors and regions, highlighting that collaboration must consider the different realities facing various countries in achieving net-zero emissions by 2050.

Represented by the company’s Executive Director of Upstream, Mrs. Oritsemeyiwa Eyesan, Kyari said Nigeria has implemented two major policies to tackle these issues.

These policies include transitioning to a gas-driven economy by declaring a “Decade of Gas” and the removal of fuel subsidies, which together form a critical part of Nigeria’s decarbonization strategy.

The NNPCL GCEO noted that Nigeria possesses around 209 trillion cubic feet of gas reserves but funding has been a key hurdle, as raising capital for gas projects was complex, with most investments from international companies focused on exports.

In addressing this financial gap, Kyari called for equitable capital access for developing countries. He emphasised that if the global south is to meet its climate commitments, it must have pathways to affordable capital for green projects.

This, he argued, would ensure a fairer and more balanced approach to achieving net-zero, recognizing that each country’s starting point differs.

The theme of ADIPEC 2024, “Connecting Minds, Transforming Energy,” emphasises the shared goal of fast-tracking energy innovation and collaboration to achieve sustainability.