New initiative to help develop domestic CCUS market in Nigeria

Posted at February 15, 2022 » By : » Categories : News » Comments Off on New initiative to help develop domestic CCUS market in Nigeria

A new initiative aimed at developing a domestic market for carbon capture, utilisation and storage (CCUS) for industrial emissions has started in Nigeria.

The International Finance Corporation (IFC) and the World Bank are working with the Government of Nigeria to produce a nationwide atlas of CO2 emission sources and potential sites for underground sequestration.

The IFC will work with the government to identify the most promising sectors and private companies that can pilot new technologies for capturing, using and storing carbon while the World Bank will help outline policies and regulations that can accelerate the technologies’ uptake and help the CCUS sector meet international standards.

The West African country is said to likely have a significant space for geological carbon storage, in part due to the widespread availability of depleted oil and gas fields.

In 2021, Nigeria’s updated Nationally Determined Contribution (NDC) set a target of at least 20% and up to 47% reduction of greenhouse gases compared to business as usual by 2030.

The Office of the Vice President of the Federal Government of Nigeria said: “The Federal Government, through the Office of the Vice President, is excited to work with the World Bank Group towards developing and implementing Carbon Capture, Utilisation and Storage (CCUS) as part of the country’s pathways to accelerate energy transition by 2060.

“The country believes that with the World Bank Group’s support and partnership with Nigeria, it’s only a matter of time before CCUS becomes an important force in global technology, innovation policy for climate action and deep decarbonisation, especially for hard-to-abate-sectors.”

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