Nigeria LNG Limited has reiterated its commitment to climate action, leveraging cutting-edge technologies to reduce emissions and promote sustainable energy development.
The Deputy Managing Director of Nigeria LNG, Olakunle Osobu, while giving this assurance, called on governments to provide financial guarantees for climate tech investments.
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, gave insight on how to explore investment solutions needed for start-ups to reach commercial viability and maturity.
The theme for this year’s conference is ‘Transforming Energy Through Vision, Innovation, and Action.’
Joining other stakeholders, Osobu said that government initiatives should offer tax credits or deductions for climate tech investments, provide early-stage funding for climate tech startups, streamline regulations, and provide clear policies and standards.
Citing Norway’s example, where the government made technology work., Osobu urged the authority to take the lead in creating an enabling environment that will make venture capital funds 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,” he said.
He said NLNG was looking at the prospect of biofuel.
“NLNG is also committed to addressing climate change challenges through the implementation of its Green House Gas (GHG) and Energy Management Plan,” he said.
He expressed that NLNG has taken 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 has continued 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, minimizing 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 included Patricia Melcher, Co-founder and MD of EIV Capital; Bruece Niven, Head Strategic venturing Aramco Ventures; Marc Guilbert, Managing Partner BX Ventures; Bobby Tudor, CEO and founder of Artemis Energy Partners and Moderator Timmeko Moore Love, Gm & SVP Greentown Labs.
