The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the African Continent needs “a just and differentiated transition” to enable it to harness its resources for the benefit of its future generations.
The Group Chief Executive Officer (GCEO), NNPC Ltd., Mr Mele Kyari, said this while speaking at a Regional CEO Panel organised by McKinsey and Company, on the sidelines of the ongoing United Nations Conference on Climate Change (UNCCC) in Dubai, UAE, on Monday.
According to a statement by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., the GCEO joined other global energy leaders from the U.S., Holland, and Oman to highlight energy perspectives and insights on the evolving energy market.
Kyari said the world must understand and consider 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 per cent of our population doesn’t have access to electricity, leaving us with biomass as a key energy source.
“The world needs to recognise 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 said.
With Nigeria forecasted to be among the global top10 economies by 2035 and 3rd in terms of global population, Kyari said it was critical that the energy poverty question be discussed as nations unite to achieve net zero by 2050.
The GCEO said that with abundant natural gas reserves of 206 trillion cubic feet (tcf) that have the potential to rise to 600tcf, Nigeria would be utilising gas to drive its journey towards energy transition.
He said that NNPC Ltd. was creating a regional gas pipeline network to supply natural gas across the African continent and boost its Liquefied Natural Gas (LNG) supply to the foreign market.
“NNPC Ltd. is currently eliminating gas flares in almost all its gas projects.
“The idea is to deploy such gas towards developing power plants nationwide to boost nationwide electricity supply, create employment opportunities, and trigger the nation’s industrial and economic development,” the GCEO said.
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. (NAN)