By: Nzan Ogbe, Group Chief Executive Officer, Levene Energy Holdings
Energy remains a necessity of life, helping people to get by every day. But in recent years, investment and conversations around how energy is generated and consumed have witnessed the most dramatic shift. Yet it remains a moving one. Think of the medieval beginnings when early men had to ignite fire through friction from stones to cook food. From that time on to the discovery of coal and other fossils, which powered the industrial revolution of the 18th century and now renewables, humans have always wanted more from energy. This has led to endless discoveries. Energy innovation after innovation has forced people and businesses to constantly adapt to energy changes that can sometimes be disruptive throughout history, shaping how the world around us evolves.
Fossil fuels like coal and crude oil are not only harmful to the planet, but they are also finite resources compromising the safety of future generations and ecosystems. Hence, the global push towards sustainable energy better known as renewables. This includes energy sources such as wind, solar, hydro and biomass which are readily replaced, viable and cannot be depleted, and which emit little or no greenhouse gases (GHG).
In the Nigerian energy scene, the search for sustainable energy had been long-drawn and often marred by indifference on the part of the government coupled with low private investment. This has led to a lack of access to energy in many parts. Until recently, the Integrated Photo Voltaic (BIPV), is said to be the largest in Africa. BIPVs are products and systems that generate solar power and can be easily integrated into different building parts, including roofs and windows. The project, when completed, will further open up the solar energy space in Nigeria and set the country on the cusp of reaching a new renewable milestone.
As hinted in a recently launched Renewable Energy Roadmap (Remap) by the Nigerian government and the International Renewable Energy Agency, in Nigeria, nearly 60% of the nation’s energy demand by 2050 is projected to be met through renewable energy sources. The global renewable power capacity is expected to grow by 2400 gigawatts (GW) in just five years: between 2022-2027. This is as much as the renewable power added in the last 20 years, according to a recent forecast by the International Energy Agency (IEA). The forecast further indicated that solar and wind sources would be the biggest driver of renewables.
If investments in renewables are aggressive enough, bookmakers are projecting it could drive down costs and give more people access to energy in remote areas, something Levene Energy already has in the pipeline. Following its strategic partnership with NNPC Gas Marketing Limited (NGML) to build and operate gas pipelines, Levene Energy is primed to take advantage of the gas commercialisation policy of the Nigerian government, rapidly evolving as a modern agent of sustainable energy on the African continent.
To harness the abundance of potential that was hitherto untapped in the energy sector as well as achieve Nigeria’s goal of universal access to energy by 2030, government and operators in the energy sector would have to synergise and lead practical initiatives targeted at making more energy companies with the right mix of technologies and private capital key into the nation’s energy sustainability plans. This will fast-track Nigeria’s pursuit of the United Nations’ net-zero emissions plans by 2060 and bolster energy security in a nation of over 200 million people.