NLNG Harps on FG’s Interventions to Attract Investment in Climate Solutions

•Reaffirms commitment to promoting sustainable energy development

Peter Uzoho

The Nigeria Liquefied Natural Gas Limited (NLNG) has advised the federal government to provide incentives such as financial guarantees, tax credits or deductions, and early-stage funding to tech start-ups to encourage investments into tackling climate challenges in the country.

The liquefaction company also advocated the streamlining of regulations and, the provision of clear regulatory policies, and standards to drive the development of sustainable energy solutions in the country.

Deputy Managing Director of NLNG, Mr. Olakunle Osobu, made the calls yesterday, while speaking during a panel session at the ongoing Gastech Exhibition and Conference, in Houston, United States.

At the conference with the theme, “Transforming Energy Through Vision, Innovation, and Action,” Osobu, reiterated NLNG’s commitment to climate action, leveraging cutting-edge technologies to reduce emissions and promote sustainable energy development

Addressing the audience with insights to explore investment solutions needed for start-ups to reach commercial viability and maturity, the deputy managing Director 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 incentivise emissions reduction.

Highlighting NLNG’s efforts in emission reduction and climate solutions, he noted that the company’s potential was enormous, adding, “We are looking at Carbon capture and storages.”

He maintained that the NLNG was looking at the prospect of biofuel, noting that the company was also committed to addressing climate change challenges through the implementation of its Green House Gas (GHG) and Energy Management Plan.

He mentioned that the company takes Climate Change seriously and that various actions had been proposed and taken to mitigate the impact of its operations on the environment.

Osobu, said they continue to assess possible impact as well as mitigation actions needed for its port and facilities.

He said the NLNG remains a significant player in the global energy industry, contributing to Nigeria’s energy transition and global efforts.

He said this includes 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.