• Sunday, February 25, 2024
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Osinbajo urges investment in green hydrogen amid energy transition

Honouring the deserving to sustain healthy competition towards national development

Vice President Yemi Osinbajo has nudged operators in the oil and gas industry particularly, the Nigerian National Petroleum Company Limited (NNPCL) on investing in green hydrogen as the country continues its energy transition journey.

The vice president made this call at a launch of a book titled “Understanding natural gas: A Nigerian perspective”, in Abuja.

“As a nation we ought to be thinking in terms of this greener gas. I believe that investments in hydrogen are something we should take seriously. I am sure that NNPC Limited will take that into account as we plan for the future. We must embrace the opportunity to harness our vast natural gas resources responsibly and judiciously and while simultaneously charting a path towards a cleaner and greener future,” he said.

According to a report from Allied Market Research, Green Hydrogen Market was valued at $300 million in 2022 and is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7 percent from 2021 to 2028.

Read also: We cannot accept dispositions to defund gas projects – Osinbajo

He added that there were already ongoing discussions about green hydrogen, which requires natural gas to produce, adding that its huge investments are being taken advantage of globally.

Osinbajo also said that the energy transition plan which involved a decade of gas proposals must be duly followed, noting that its provisions chart a pathway forward which will see solar and renewable energy as the bedrock of the plan.

“The plan is to develop about 250 gigawatts of solar plants by 2060, which is when we intend to achieve the net zero, the plan also seeks to mitigate against the possible long-term job losses in oil and gas sector in particular because this is an industry that has dominated our economy for decades,” he added.

Osinbajo said that while climate change was an existential threat, Nigeria’s energy poverty and development is also a major threat hence there is need to create a balance between energy transition and energy poverty threat.

The book with 12 chapters, authored by David Ige, CEO of Gas Invest Limited and Dapo Akinosun founding partner of SimmonsCooper Partners, seeks to deepen knowledge of gas for entrepreneurs, students, and Nigerians in general, giving a comprehensive overview of Nigeria’s gas policy and opportunities therein.