The Federal Government on Tuesday said the country’s approach towards the climate-change-net-zero-
The Minister of States for Petroleum Resources, Timipre Sylva disclosed this during a ministerial address he presented at the ongoing 2021 Society of Petroleum Engineers, SPE, International Conference, and Exhibition, in Lagos.
He said: “As a Government, we are determined to encourage more penetration of natural gas and its derivatives for domestic utilization, power generation, gas based industries and propulsion in all aspects of the national economy. This would in a fundamental manner address the great challenge posed by volatile oil market, the environmental issues and public health concerns.”
The minister reiterated that the scenario being projected by some energy experts is that energy transition to low carbon energy sources would make the world a better living place with a cleaner climate. “I believe so too, likewise the Government of Nigeria.
He however that this process of change has to happen by way of a simultaneous global effort of transitioning national economies to the use of low carbon energy solutions, is an assumption that all national economies are driven by the same parameters and does not take into account the different socio-economic, political and developmental peculiarities of individual nations.
Regarding the global oil market in the foreseeable years, it is becoming obvious that a global migration from a fossil fuel-based economy to renewable would engender a corresponding decline in hydrocarbon including possible divestiture in the sector as deliberate frameworks are being championed to discourage extraction of carbon-laden resources, stating further that COVID-19 Pandemic has further exacerbated the investment decline.
“The Government of Nigeria in collaboration with global partners is exploring policies, technologies and investments to address the current global challenge that will support migration from our reliance on carbon dependent fuels to meeting our commitment to the Paris Agreement,” he said.
The minister said he believes that the Society of Petroleum Engineers (SPE) will be in the forefront of the country’s quest to achieve the desired balance of clean environment, safe public health and a renewed global oil market.
“This SPE Annual International Conference and Exhibition will be an appropriate platform to bring to the front-burner the critical discussions that would forge a robust and implementable clean energy solutions pathway for Nigeria,” he said.