• Friday, December 01, 2023
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Energy Mix: How Levene Energy Holdings’ choices impact future sustainability

NSIA, IFC sign $500m pact to boost Nigeria’s renewable energy drive

As the world continues to grapple with the challenges of climate change, the role of energy companies in shaping a sustainable future has come under increased scrutiny. Now, more than ever, an increasing number of energy companies are adopting cutting-edge solutions to address the issues of climate change.

Levene Energy Holdings, a major player in the energy industry in Nigeria, has continued to make significant adjustments to its energy mix to ensure that it aligns with the energy sustainability prospects of the National Renewable Energy Efficiency Policy (NREEEP).

By 2030, Nigeria hopes to increase power generation to 30 gigawatts, to meet the energy needs of over 200 million people. It partly aims to achieve this through the NREEEP, a policy conceived by the Federal Ministry of Power.

The national policy tagged ‘Vision 30:30:30’ is engineered to prioritise the sustainability of energy sources. It is a proactive measure to review Nigeria’s energy mix to focus on ramping up renewable energy sources that include but are not limited to solar, wind, and hydroelectricity, which would make up 30 percent of the generated 30 gigawatts and signify a gradual energy transition away from dependency on fossil fuels.

As an indigenous company that is founded on the vision of creating a sustainable future through responsible practices, Levene Energy Holdings strives to achieve the aforementioned goals through its subsidiaries that are fine-tuned to evaluate every aspect of the value chain to ensure that it has a direct impact on energy and sustainability in the highly competitive energy market. Component entities within the Levene Energy Holdings group of companies include Levene Hydro-Carbon, LPV Technologies, Levene Trading, and Levene Energy Development and more.

Guided by professionalism, Levene Energy Holdings understands the importance of balancing economic, social, and environmental concerns to create a future that will benefit all. With Levene Hydro-Carbon, it ensures that the exploration and production of oil and gas derivatives are implemented sustainably and responsibly by optimising each process in the value chain.

One approach it employs to minimise the environmental impact of hydrocarbon discovery, extraction, and production is to adopt technologies and practices such as carbon capture, storage, and methane reduction. In addition, it has implemented best practices in its operations to ensure employee safety.

Taking proactive measures, Levene Hydro-Carbon has keyed into the gas commercialisation policy of the federal government, capturing natural gas that could have otherwise been flared in the upstream sector and transforming it into fuel that is used in industrial processes to generate low-carbon energy.

Yearly, over 35 billion barrels of oil are used for power generation globally. This fossil fuel dependence has been proven to be unsustainable in the long term. Already, the global oil reserves are depleting at a faster rate than expected. Experts reveal that about 40 percent of all known oil reserves have been depleted. Data published by Worldometer reveals that at the current rate of consumption, global oil reserves will be depleted in the next 47 years.

Coupled with the consequential climate change, this staggering revelation only suggests a need to source renewable energy. To this effect, the Nigerian Climate Change Act was passed into law. The policy serves as a guide for the energy sector to revise its approach to generating energy sustainably.

Being compliant with laws regulating the oil and gas sector, Levene Energy Holdings, through LPV Technologies, the renewable energy arm of the business, is committed to driving sustainability through renewables. The subsidiary specialises in developing, manufacturing, and installing innovative energy technologies, such as solar panels, that help reduce carbon emissions, thereby acting as a bridge to transition to a low-carbon economy.

LPV Energies retrofitted a 17-storey building with state-of-the-art building-integrated photovoltaics (BIPV). While improving the aesthetics of the building, it converted it into a smart one. The retrofitted building can generate 995 KWp with a 2.0MWh storage unit, enough to supply all of its energy requirements.

Being a first-of-its-kind project in Nigeria, it has drawn the attention of other firms to invest in renewable energy. From tech to banking, hospitality to healthcare, these various sectors quote electricity as the biggest hurdle that drives up the cost of their services. If they can fix this problem long-term, then there is bound to be healthy competition, which in turn benefits the consumers by boosting the value of their purchasing power.

In a similar vein, Levene Energy Holdings, through its special solar projects supported by the World Bank and Rural Electrification Agency, generates and distributes electricity to communities that aren’t linked to the national grid yet.

The trading practices of an energy outfit have a significant impact on sustainability, and that is why Levene’s Trading arm focused on creating a sustainable supply chain for its products. They work with suppliers and customers to ensure that the products they sell meet the highest environmental and social standards.

Read also: Energy Transition Office seeks private sector collaboration

Furthermore, it has also committed to reducing its carbon footprint by investing in sustainable infrastructure and practices. This includes utilising renewable energy sources for its operations and implementing sustainable waste management systems at all stages of the supply chain.

Finally, Levene Energy Development helps its clients with supply chain optimisation. They have amassed experience in sourcing and delivering high-quality materials and equipment and have good relationships with OEM’s and global suppliers. They also supply various items like seismic equipment, drill bits, and tubing and provide manpower and support services for different projects.

Levene Energy Holdings has proven its commitment to ensuring a sustainable future by prioritising renewable energy sources, implementing sustainable practices, and creating a sustainable supply chain for energy products. By demonstrating this strong commitment to sustainability, the company serves as a leading example for other energy companies to follow in the quest for providing a more sustainable, net-zero future.