United Nations Climate Change Conference (COP28) that took place in Dubai, United Arab Emirates, from 30 November to 12 December 2023 closed and has delivered several deals and negotiations that have implications for Nigerian oil & gas companies and energy solutions providers. The Nigerian delegation at COP28 echoed a lot of the sentiment we have as a nation – that while not responsible for emissions that change the climate, we must still play our part in achieving net-zero as we build a more prosperous economy. President Bola Ahmed Tinubu assured the global community of Nigeria’s readiness to take concrete actions on reducing methane and other greenhouse gas emissions. This is a call to action for our industry to embrace sustainable operating models with efficient emissions reduction practices.
NNPC Ltd has also joined the Oil and Gas Decarbonization Charter that gathers 55 companies committed to accelerating climate action within our industry. The Charter calls on our industry to align around net zero by or before 2050, zero-out methane emissions, eliminate routine flaring by 2030 and continue working towards industry best practices in emission reduction.
At Tetracore, we believe this can be addressed with more investments into research & development, additional technology adoption, and better access to finance. The company is already working to access best-in-class technologies that can make its operations more sustainable and support the diversification of its portfolio in the future.
“Nigeria’s repeated commitment to be a global partner in reducing emissions offers a unique opportunity for local companies to develop sustainable business models that will make our energy industry more bankable and competitive,” commented Tetracore CEO Olakunle Williams. “The Decade of Gas offers the perfect opportunity to create a momentum around eliminating flaring and building low-carbon gas infrastructure that adopts best-in class technologies on methane emissions reduction and abatement.”
Under the leadership of President Bola Ahmed Tinubu, Nigeria also committed to be a partner in progress in achieving renewable energy. As Nigeria works towards scaling up renewable energy capacity, it requires solid local players with an understanding of the country’s regulatory and operating landscape to ensure solar and wind projects reach financial close and are commissioned over the coming years. In that regard, Tetracore is already maturing its own pipeline of clean energy projects and looks forward to engaging with public and private stakeholders in turning these ambitions into reality.
