The Nigeria Liquified Natural Gas Limited, Nigeria oil and gas, has stated its determination to leverage cutting-edge technologies to reduce emissions towards climate action and enhance sustainable energy development.
The Deputy Managing Director of Nigeria LNG, Olakunle Osobu gave this assurance while speaking at a panel session on ‘Stimulating early-stage investment into climate technologies to meet net zero goals’, at Gastech Climatetech & AI strategic and Technical Agenda held at George R Brown Convention Center, Houston, Texas, USA, with the theme ‘Transforming Energy Through Vision, Innovation, and Action.’
Speaking on Audience insight to explore investment solutions needed for startups to reach commercial viability and maturity, Osobu joined other stakeholders to call on governments to provide financial guarantees for climate tech investments.
“Also, government initiatives should offer tax credits or deductions for climate tech investments, provide early-stage funding for climate tech startups, streamline regulations, provide clear policies and standards,” he stated.
Like in Norway, where the government makes the technology work, Osobu pointed out that the Nigerian government must take the lead in creating an enabling environment that would make venture capital funds to focus on climate tech investments.
He stressed the need to establish carbon markets to incentivize emissions reduction.
Highlighting what NLNG is doing so far, he noted that NLNG potentials are great. ‘’we are looking at Carbon capture and storages”.
According to him, NLNG was looking at the prospect of biofuel, noting that the company is also committed to addressing climate change challenges through the implementation of its GreenHouse Gas (GHG) and Energy Management Plan.
He said that NLNG takes Climate Change seriously and various actions have been proposed and taken to mitigate the impact of its operations on the environment adding that the company continues to assess possible impact as well as mitigation actions needed for its port and facilities.
He noted that Nigeria LNG is a significant player in global energy industry, contributing to Nigeria’s energy transition and global efforts, which include Cleaner fossil fuel; efficient LNG production process; minimising energy consumption and emissions; Carbon Capture and Storage; exploring solar power for electricity generation and Greenhouse Gas (GHG) Emissions Reduction; targeting 20 per cent reduction by 2030.
Other members of the panel include were Patricia Melcher , Co-founder and MD EIV Capital; Bruece Niven, Head Strategic venturing Aramco Ventures; Marc Guilbert, Managing Partner BX Ventures; Bobby Tudor, CEO and founder Artemis Energy Partners; and Moderator , Timmeko Moore Love , Gm & SVP Greentown Labs.