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The Program Manager, Nigeria Gas Flare Commercialisation Programme (NGFCP), Federal Ministry of Petroleum Resources, Mr Justice Derefaka, has explained that the design of the NGFCP was an innovative and scalable approach to gas flare reduction in Nigeria.
He said the current way and manner the schemes and processes for the selection of core investors in commercializing gas flare and monetisation of greenhouse gases, particularly carbon dioxide by the Federal Government are to avoid errors of previous efforts at achieving better results.
According to him, NGFCP strategies are consistent with the climate change action plans anticipated in the Paris Climate Change Accords.
According to him, government targets to generate revenue from the conversion of greenhouse gases for useful purposes, and was working to achieve this through the implementation of the Nigeria Gas Flare Commercialisation Programme.
He averred that whereas the core target of NGFCP is to end gas flaring by ensuring that flared gas was commercialised, the programme would also help in reducing greenhouse gases plus generating massive employment for umeployed Nigerians as winners of bids will employ many graduates.
An official document seen by Business Hilights Abuja Bureau Chief weekend disclosed that efforts are on to monetise greenhouse gases under an emission credit/carbon sale programme.
Derefaka made it clear that “Once operational, projects launched under the NCFCP will reduce Nigeria’s emissions by about 13 million tonnes of carbon dioxide per year, consistent with the President’s commitments to the reduction of greenhouse gases.
“This is under the Paris Climate Change Agreement, which could also be monetised under an emission credits/carbon sale programme at a value range of $400m to $500m. The NGFCP is clearly a high-impact programme.”
Continuing, the NGFCP Program Manager noted that “The policy position of the President is that gas flaring is totally unacceptable. In this regard, the Federal Government initiated a number of actions to reaffirm its commitment to ending the practice of gas flaring in our oil fields.”
It would be recalled that President Muhammadu Buhari had ratified the Paris Climate Change Agreement and the Federal Government was a signatory to the Global Gas Flaring Partnership principles for global flare-out by 2030.
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