NIGERIA – The International Finance Corporation (IFC) and the World Bank have begun to work with the Government of Nigeria to develop a domestic market for carbon capture, utilization, and storage for industrial emissions.
The initiative will produce a nationwide atlas of CO2 emissions sources and potential sites for underground sequestration.
IFC will work with the government to identify the most promising sectors and private companies that can pilot innovative technologies for capturing, using, and storing carbon.
The World Bank will collaborate with the Nigerian Government to outline policies and regulations that can accelerate the technologies’ uptake while helping the local CCUS industry meet international standards.
“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 decarbonization, especially for hard-to-abate-sectors,” said the Office of the Vice President of the Federal Government of Nigeria.
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.
Capturing carbon, which could help reduce emissions across a range of sectors, has become a key element of the government’s climate plan.
In addition, the West African country is likely to have significant space for geological carbon storage, in part due to the widespread availability of depleted oil and gas fields.
The storage potential will be mapped using government and industry data. The project will also use geological surveys and closely examine the issue of obtaining the rights to conduct the sequestration.
IFC will work closely with local industries throughout the process. The engagement will not support the development of carbon capture, utilization, and storage in association with fossil fuel production.