The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled the Regulatory Framework for Energy Transition, Decarbonisation, and Carbon Monetisation in Nigeria.
This announcement came during the United Nations Climate Change Conference 2023 (COP28) in Dubai, United Arab Emirates, as stated in a release on Monday.
During a roundtable discussion titled ‘Driving Sustainable Upstream Operations to Achieve Just and Equitable Energy Transition’, Mr. Gbenga Komolafe, the Commission’s Chief Executive (CCE), revealed the framework’s launch.
Komolafe emphasized the Commission’s advocacy for the decarbonization of upstream operations. This initiative aims to sustain investments in energy security and economic development, aligning with both national objectives and the UN Sustainable Development Goals (SDGs).
The framework is structured around seven core pillars, encompassing natural gas shift, zero regular gas flaring, methane abatement, carbon market development, technology and innovation, upstream operations efficiency, incentive mechanisms, collaboration, and risk management.
“I urge all stakeholders, government agencies, operators, international development partners, and multilateral agencies to join us as we progress toward the steady implementation of the Framework within the coming months, which will be underpinned by applicable Directives, Guidelines, and Regulations.
“Interestingly, the implementation of the Regulatory Framework has already commenced on the heels of the introduction of the Gas Flare, Venting and Methane, Prevention of Waste and Pollution Regulations 2023.
“This provides the renewed legislative basis to take firm actions on gas flaring, venting, and fugitive emissions,” he said.
