Deputy MD, Osobu urges federal government to provide financial guarantees, tax incentives for climate tech startups

Oredola Adeola

Nigeria LNG Limited has reiterated its dedication to reducing emissions and advancing sustainable energy, calling on the Federal Government to offer financial guarantees, tax incentives, and backing for climate tech startups to help them achieve commercial success and maturity.

Olakunle Osobu, Nigeria LNG’s Deputy Managing Director, emphasized the company’s commitment and also highlighted the need for early-stage investment in climate technologies during a panel session at the Gastech Climate Tech & AI Strategic and Technical Agenda, held at the George R. Brown Convention Center in Houston, Texas, USA.

Advisors Reports gathered that the theme for the 2024 edition of the conference is ‘Transforming Energy Through Vision, Innovation, and Action.’

At the Gastech Climate Tech & AI Strategic and Technical Agenda in Houston, Texas, Nigeria LNG’s Deputy Managing Director, Olakunle Osobu, alongside other stakeholders, called on governments to take the lead in supporting climate tech investments by providing financial guarantees, tax credits, and early-stage funding for startups.

He emphasized the need for streamlined regulations, clear policies, and the establishment of carbon markets to incentivize emissions reductions.

Osobu highlighted Norway as an example of a government that successfully facilitates technology development, stressing that Nigeria’s government must create an enabling environment to attract venture capital funds into climate tech.

He also pointed out NLNG’s initiatives, including exploring carbon capture and storage, biofuels, and its commitment to tackling climate change through its Greenhouse Gas (GHG) and Energy Management Plan.

Osobu reiterated NLNG’s dedication to reducing its environmental impact, noting that the company continues to assess and implement actions to mitigate the effects of its operations on ports and facilities.

As a key player in the global energy sector, NLNG contributes to Nigeria’s energy transition by advancing cleaner fossil fuels, improving energy efficiency, and exploring solar power, with a target to reduce GHG emissions by 20% by 2030.

Other members of the panel include Patricia Melcher, Co-founder and MD EIV Capital, Bruece Niven, Head Strategic venturing Aramco Ventures, Marc Guilbert Managing Partner BX Ventures, Bobby Tudor, CEO and founder Artemis Energy Partners, and Moderator, Timmeko Moore Love, Gm & SVP Greentown Labs.