Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation NNPC, says the fight against climate change will require a global and collective oil industry approach and effort to clamp down on the world’s large carbon footprint towards global energy security. He added that the NNPC was committed to increasing the adoption of low carbon technology across all its operations.
He disclosed this at the 2022 Global Energy Agenda published by the Atlantic Council.
While warning that energy demand will grow faster than the rate at which renewable energy is consumed, slowing down investment in hydrocarbon technology would not guarantee global energy security.
Adding that the impact of global warming had triggered the best of human innovation, especially in the fields of energy and sustainability.
He averred: “The call to end the use of fossil fuels in order to reduce global CO2 emission and achieve carbon neutrality by 2050 is becoming lower.”
Kyari maintained that the oil industry has a bigger role to play to ensure that the global carbon footprint is brought to its lowest ebb towards sustaining global energy security and driving prosperity, especially in developing countries where population growth has remained well above global average.
He added that the NNPC believed in inclusive policy actions that guarantees access to finance and low carbon technology both of which are keys to sustaining global energy security and equitable growth.
Kyari said that the NNPC was focusing on driving carbon neutrality through 3 main areas which include, adoption of low carbon technology across its operations, deepening natural gas utilization towards investment in clean energy technology and poverty reduction.
“Slowing down investment in hydrocarbon ventures might however provide the right incentive for energy transition, but cannot guarantee global energy security in near future as energy demands grow faster than renewable energy maturation.
“We (NNPC) are leveraging the current industry dynamics to diversify and grow our portfolio in order to maintain relevance in the global energy market,” he said.