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By Adewale Sanyaolu
The Nigeria Liquefied Natural Gas (NLNG) Limited has urged governments worldwide to provide financial guarantees to support investments in climate technologies.
The call comes as the energy giant reiterates its dedication to reducing emissions and advancing sustainable energy development through innovative technologies.
Speaking at the Gastech Climate Tech & AI Strategic and Technical Agenda conference in Houston, Texas, USA, NLNG’s Deputy Managing Director, Mr. Olakunle Osobu, emphasised the importance of governmental backing for climate technology investments.
He participated in a panel discussion titled, “Stimulating Early-Stage Investment into Climate Technologies to Meet Net Zero Goals”, which focused on fostering investment solutions that enable climate tech startups to achieve commercial success.
Osobu highlighted that, in addition to providing financial guarantees, governments should offer tax incentives, such as credits or deductions, for climate tech investments. Early-stage funding, streamlined regulations, clear policies, and standards are also critical for creating a conducive environment for the growth of climate technologies, he said.
Citing Norway as a model, where governmental policies have successfully facilitated the adoption of cutting-edge technology, Osobu asserted that governments must take the lead in creating an enabling environment that encourages venture capitalists to invest in climate tech. He also stressed the importance of establishing carbon markets to incentivize emissions reduction and spur further innovation in this space.
Highlighting NLNG’s ongoing efforts, Osobu noted that the company is actively exploring carbon capture and storage solutions, as well as the potential of biofuels. He outlined NLNG’s comprehensive approach to addressing climate change, which includes the implementation of a Greenhouse Gas (GHG) and Energy Management Plan aimed at reducing emissions.
He stressed that NLNG is not only a key player in Nigeria’s energy transition but also contributes significantly to global efforts for cleaner energy solutions. The company is committed to optimising its LNG production processes to minimize energy consumption and emissions, and is actively exploring renewable energy options, including solar power, to reduce its carbon footprint.
Osobu further disclosed that NLNG is targeting a 20% reduction in GHG emissions by 2030, reaffirming the company’s serious commitment to tackling climate change.
He highlighted NLNG’s continuous evaluation of the environmental impacts of its operations, with mitigation measures in place to ensure minimal impact on the environment, especially in its ports and facilities.
Other distinguished panelists at the session included Patricia Melcher, Co-founder and Managing Director of EIV Capital; Bruce Niven, Head of Strategic Venturing at Aramco Ventures; Marc Guilbert, Managing Partner at BX Ventures; and Bobby Tudor, CEO and Founder of Artemis Energy Partners. The session was moderated by Timmeko Moore Love, General Manager and Senior Vice President of Greentown Labs.
Together, the panelists shared insights on how climate technologies can attract investment and drive global efforts towards achieving net-zero emissions. Their discussions centered on collaboration between governments, the private sector, and innovators to stimulate the development and scaling of technologies that can transform the energy landscape.
