The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has released the Regulatory Framework for Energy Transition, Decarbonisation, and Carbon Monetisation in Nigeria.
A statement issued on Monday said the framework was released during the ongoing United Nations Climate Change Conference 2023 (COP28) in Dubai, United Arab Emirates.
Mr Gbenga Komolafe, the Commission’s Chief Executive (CCE), announced the release of the framework during his keynote talk at a roundtable discussion titled ‘Driving Sustainable Upstream Operations to Achieve Just and Equitable Energy Transition’.
Komolafe said the Commission is advocating for the decarbonization of upstream operations.
This is to maintain investments in energy security and economic development that are consistent with national goals and the UN Sustainable Development Goals (SDGs).
According to the CCE, the framework is built on seven pillars, including 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.
