Page 11 - AfrOil Week 41 2021

AfrOil POLICY AfrOil

Additionally, he said he expected the new com- succeeded in making all the legally required
pany’s leaders to act quickly to implement the transfers of human and material assets, he said.
provisions of the PIA. Corporate Affairs Commission (CAC) head
NNPC Ltd will play a key role in Nigeria’s Garba Abubakar, who attended the presentation
efforts to accelerate natural and associated gas of NNPC’s Ltd incorporation certificate, also
development, optimise crude oil production hailed the rapidity with which the new company
and prepare for the transition to renewable and had been established.
lower-carbon fuels, he explained. He noted that NNPC’s replacement had
The president also expressed satisfaction been set up and registered within 24 hours –
with the speed of NNPC’s replacement with the and in compliance with all requirements set
new oil company. The NOC had acted rapidly by Nigeria’s Companies and Allied Matters Act
to uphold the relevant provisions of the PIA and (CAMA), as well as the PIA. ™

Nigeria, others join Global Methane Pledge

NIGERIA A total of 24 new countries have now joined the committed fast start funding that helped us
US- and EU-backed Global Methane Pledge secure and implement the landmark Kigali
in a bid to limit global warming to 1.5 degrees Amendment on HFCs. Now they are stepping
Celsius. The US State Department said that the with over four times as much support for gov-
new backers included France, Germany, Japan, ernments to deliver on the Global Methane
Nigeria, Pakistan, the Philippines. Pledge to cut methane at least 30% globally by
The addition of the new supporters means 2030.”
that nine of the world’s top 20 methane emitters Methane is a potent greenhouse gas and,
are now participating in the Pledge, represent- according to the latest report by the Intergov-
ing about 30% of global methane emissions and ernmental Panel on Climate Change, accounts
60% of the global economy. for about half of the 1.0 degree Celsius net rise
Special Presidential Envoy for Climate John in global average temperature since the pre-in-
Kerry, European Commission Executive Vice dustrial era, making methane action an essential
President Frans Timmermans and Executive complement to energy sector decarbonization.
Director of the United Nations Environment Countries joining the Global Methane
Programme (UNEP) Inger Andersen said that Pledge commit to a collective goal of reducing
rapidly reducing methane emissions was the global methane emissions by at least 30% from
single most effective strategy to reduce near- 2020 levels by 2030 and moving towards using
term global warming and to limiting global highest tier IPCC good practice inventory meth-
warming to 1.5 degrees Celsius. odologies to quantify methane emissions, with
The move comes after the IEA urged more a particular focus on high emission sources.
focus on cutting methane to meet climate tar- Successful implementation of the Pledge would
gets. Quick action is needed because eventual reduce warming by at least 0.2 degrees Celsius
declines in demand for fossil fuels alone will not by 2050. ™
achieve rapid enough reductions of methane
emissions to forestall the worst effects of climate
change, it said.
In the IEA’s Roadmap to Net Zero Emissions
by 2050, released in May, methane emissions
from fossil fuel operations fall by around 75%
between 2020 and 2030. About one-third of
this decline is a result of an overall reduction
in fossil fuel consumption, but the larger share
comes from measures and technologies aimed
at reducing emissions in existing fields, pipelines
and mines.
It noted that the Global Methane Pledge
called for just a 30% reduction in global meth-
ane emissions from human activity by 2030.
Meanwhile, more than 20 philanthropic
organisation announced on October 11 com-
bined commitments of over $200mn to support
implementation of the Global Methane Pledge.
“Reducing methane is the single fastest
action we can take to keep a 1.5°C future within
reach,” said John Kerry. “In 2016, philanthropy Associated gas flaring in Nigeria (File Photo)

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