Isra-Mart srl : Climate Change - FG Sets 2025 Carbon-Free Target

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Abuja — Minister of Petroleum Resources, Mrs. Deziani Alison-Madueke said yesterday that, the Federal Government has designed a strategy to make Nigeria Carbon Neutral by 2025.

Alison-Madueke disclosed this yesterday while delivering a keynote Address under the Conference Theme: Energy Market Consequences of an Emerging US Carbon Management Policy at the International Conference on Energy and Climate Policy organized by the James Baker Institute for Public Policy Rice University in Houston Texas, United States."As a signatory to the Kyoto protocol. We have recently developed a Draft Policy to address climate change in Nigeria. Our Draft Policy focuses on the following: adaptation, mitigation, finance and technology," she said.

Alison-Madueke stated that, Nigeria was leveraging the Clean Development Mechanism (CDM) to access funds for major projects. So far, he pointed out, the country has benefited from the Agip Okpai Combined Cycle power plant and the Pan Ocean gas plant with plans to list more projects to benefit from this scheme in the nearest future.

She also drew the attention of the world to the protracted issue of gas flaring and environmental degradation in the Niger Delta wrought by the activities of major International Oil Companies operating in Nigeria and moves by government to outlaw gas flaring .

According to a statement signed by Group General Manager, Group Public Affairs, NNPC, Dr. Levi Ajuonuma, the Minister cited examples from the country's oil industry experience on environmental issues and called on global operators of the oil and gas industry to re-strategize on sustainable policies for the sector.

"In Nigeria, our over 50 years experience in the oil and gas industry continues to reveal the complex dynamics of balancing global energy security, domestic economic growth, climate and environmental considerations. We have realized the importance of a holistic approach to policy formulation and we are making significant effort in this respect," she enthused.

Alison-Madueke stated that, recent events such as the unprecedented heat wave in Russia, flooding in Pakistan, oil spill in the Gulf of Mexico and the noticeable seasonal patterns in Nigeria, all point to a rapidly evolving climatic and environmental trend many of which cannot be divorced from global warming for which the operations or products of the oil and gas industry have been partly held responsible.

Beyond the Climate change aspirations, the Minister stated that Nigeria aspired and was aggressively pursuing its agenda to be one of the world's top 20 economies by 2020. This aspiration, she stated, called for an aggressive growth in GDP over the next few years.

"The energy consumption that will be associated with such growth cannot be over-emphasized. To achieve and sustain the GDP growth aspiration, we are on course to; grow our crude oil reserves to and maintain it at about 40bn barrels through the period to 2020; reposition the natural gas sector to support a greener, flare free basis for aggressive economic growth; drive more effective linkage between the industry and the GDP through increased local content and participation; reform critical institutions in order to entrench transparency and accountability in the energy sector".

With crude oil reserves of 37 billion barrels and a production capacity of three million barrels per day, Nigeria is the world's 12th

largest supplier of crude oil. Similarly it's proven gas reserve of 187 Trillion Cubic Feet, with about 600Trillion Cubic Feet additional in undiscovered gas potential makes Nigeria currently the world's 7th largest in terms of proven gas reserves. Experts are of the opinion that with the estimated undiscovered potential, Nigeria could easily be within the world's top three in gas reserves. This resource base underpins a thriving oil and gas activity in the country.