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NNPC Chief Kyari seeks global understanding of Africa’s energy transition needs at COP28

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By Temi Olowu

In the pursuit of sustainable solutions for a decarbonised energy future on a global scale, the Group Chief Executive Officer (GCEO) of NNPC Ltd., Mele Kyari emphasised the need for “a just, differentiated transition” in harnessing Africa’s resources for present and future generations.

Speaking at a Regional CEO Panel organized by McKinsey & Company during the United Nations Conference on Climate Change (UNCCC), also known as COP28, in Dubai, UAE, Kyari addressed the unique challenges Africa faces in addressing climate change’s impact on energy businesses.

As one of the participants in the panel alongside global energy leaders from the United States, Holland, and Oman, Kyari stressed the importance of recognising Africa’s distinctive circumstances.

With 75 percent of the African population lacking access to electricity and biomass serving as a primary energy source, Kyari highlighted the immediate need to substitute current energy sources to bridge the energy gap for the continent’s growing population.

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Considering Nigeria’s projected position among the top 10 global economies by 2035 and ranking third in global population by the same year, Kyari emphasised the urgency of addressing energy poverty.

He underscored Nigeria’s commitment to achieving net zero by 2050 and outlined the nation’s utilisation of abundant natural gas reserves, currently at 206 trillion cubic feet (tcf) with the potential to rise to 600 tcf, to propel its energy transition journey.

NNPC Ltd. is actively contributing to this transition by establishing a regional gas pipeline network to supply natural gas across Africa, boosting liquefied natural gas (LNG) exports to foreign markets.

Kyari also shared NNPC Ltd.’s efforts to eliminate gas flares across its projects, redirecting the gas to develop power plants nationwide.

This initiative aims to enhance electricity supply, generate employment opportunities, and stimulate the nation’s industrial and economic development.

To underscore NNPC Ltd.’s dedication to a net-zero future by 2025, the company recently joined the United Nations Global Compact in New York, marking a significant milestone as the first state-owned oil company to participate in this global initiative.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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