Monday, February 26, 2024
MARKET UPDATE
Advertisement

TheCable

Advertisement

‘Address energy poverty’ — Kyari calls for just transition at COP28

‘Address energy poverty’ — Kyari calls for just transition at COP28
December 04
21:08 2023

Mele Kyari, group chief executive officer (GCEO), Nigerian National Petroleum Company (NNPC) Limited, has called for a just and differentiated energy transition.

Kyari made this known on Monday while speaking at a regional chief executive officer (CEO) panel organised by McKinsey and Company on the sidelines of 28th United Nations climate change conference (COP28) in Dubai, United Arab Emirates (UAE).

The GCEO, speaking alongside global energy leaders from the United States, Holland, and Oman to highlight energy perspectives and insights on the evolving energy market, said the world must understand Africa’s peculiarities to address the effects of climate change on energy businesses.

In a statement by Olufemi Soneye, NNPC’s spokesperson, disclosing Kyari’s address, the GCEO said he has “always advocated for a differentiated and just energy transition. In Africa, we have different circumstances compared to other places in the world”.

Advertisement

“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,” Kyari said.

He said it is critical that the issue of energy poverty be addressed as nations work together to achieve net zero by 2050.

Kyari said with abundant natural gas reserves of 206 trillion cubic feet (tcf) that have the potential to rise to 600tcf, Nigeria is currently utilising gas to drive its journey towards energy transition.

Advertisement

According to Kyari, NNPC Limited is building a regional gas pipeline network to supply natural gas across the African continent and increase its liquefied natural gas (LNG) supply to the international market.

He said NNPC is currently eliminating gas flares in practically all its gas projects, adding that the goal is to deploy such gas towards developing power plants around the country, increasing the supply of electricity, generating jobs, and igniting the industrial and economic growth of the country.

To demonstrate NNPC Limited’s commitment to a net-zero future by 2025, Kyari said the company recently signed up as a participant in the United Nations global compact in New York.

Advertisement

Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!

Tags

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

error: Content is protected from copying.