COP28: NUPRC announces regulatory framework for energy transition and more
The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has announced a regulatory framework for energy transition, decarbonization and carbon monetization in Nigeria.
The framework was announced during the ongoing 2023 United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, according to a statement released on Monday.
Gbenga Komolafe, Chief Executive Officer (CCE) of the Commission, said this during his keynote speech at a roundtable discussion titled “Advancing sustainable upstream operations to achieve a just and equitable energy transition.” We announced the release of this framework.
Mr. Komorav said the committee advocates for the decarbonization of upstream operations.
This is to maintain investments in energy security and economic development in line with national goals and the United Nations Sustainable Development Goals (SDGs).
According to CCE, the framework is built on seven pillars including natural gas shift, zero regular gas flaring, methane reduction, carbon market development, technology and innovation, upstream operational efficiency, incentive mechanisms, collaboration and risk management. That's what it means.
“I urge all stakeholders, government agencies, operators, international development partners and multilateral organizations to support the steady implementation of the framework, supported by directives, guidelines and regulations that will be applied in the coming months. We urge you to join us in moving forward.
“Interestingly, implementation of the regulatory framework has already begun following the introduction of the Gas Flaring, Emissions and Methane, Waste and Pollution Prevention Regulations 2023.
“This provides a new legal basis for taking decisive action against gas flaring, venting and fugitive emissions,” he said.
Source: dailypost.ng