BY SAM OTUONYE
…Insists Continent’s peculiarities must be considered towards a Net-Zero Future
As conversations on finding sustainable solutions for a decarbonized energy future continue to hold globally, the Group Chief Executive Officer (GCEO), NNPC Ltd., Mr. Mele Kyari has maintained that the African Continent needs “a just, differentiated transition” to enable it to harness its resources today for the benefit of its future generations.
The GCEO made this known while speaking at a Regional CEO Panel organized by McKinsey & Company on the sidelines of the ongoing United Nations Conference on Climate Change (UNCCC), also known as the COP28 Conference, in Dubai, UAE, on Monday, December 4, 2023.
According to a press statement by the company’s Chief Corporate Communications Officer, Olufemi Sonoye, Mr. Kyari was at the Conference to join other global energy leaders to highlight energy perspectives and insights on the evolving energy market.
The GCEO of the frontline oil firm in Nigeria seized the opportunity to re-echo his appeal for the world to understand Africa’s peculiarities in addressing the effects of climate change on energy businesses.
“I have always advocated for a differentiated and just energy transition. In Africa, we have different circumstances compared to other places in the world.
“In Africa today, 75% of our population doesn’t have access to electricity, leaving us with biomass as a key energy source. The world needs to recognize that the most practicable thing today is to substitute what we have in the short term to close the energy gap for our rising population”, he stated.
Kyari said that according to a forecast, Nigeria would be among the global top 10 economies by 2035 and 3rd in the global population by the same year hence, it is critical that the energy poverty question be discussed as nations unite to achieve net zero by 2050.
According to the GCEO, with abundant natural gas reserves of 206 trillion cubic feet (tcf) that have the potential to rise to 600tcf, Nigeria is currently utilizing gas to drive its journey toward energy transition.
He disclosed that NNPC Ltd. is creating a regional gas pipeline network to supply natural gas across Africa and boost its Liquefied Natural Gas (LNG) supply to the foreign market.
Explaining that NNPC Ltd. is currently eliminating gas flares in almost all its gas projects, Kyari said the idea is to deploy such gas towards developing power plants nationwide, boosting nationwide electricity supply, creating employment opportunities, and triggering the nation’s industrial and economic development.
He said that to demonstrate NNPC Ltd’s commitment to a net-zero future by 2025, the Company recently signed up as a participant in the United Nations Global Compact in New York, becoming the first state-owned oil company to join the global initiative.