The quest to reduce greenhouse emission in Nigeria through carbon capture, storage and usage CCUS has recently received financial backing from the World Bank and its subsidiary, the International Finance Corporation (IFC). The global financial giants have mapped out strategic plan to support Nigeria in setting up a local market for the capture, use and storage of carbon dioxide (CO2). The aim is to foster Nigeria’s ecological transition, in line with its international commitments. According to Afrik.

The World Bank is supporting Nigeria’s ambitions for carbon dioxide (CO₂) capture, use and storage. Together with its subsidiary, the International Finance Corporation (IFC), the Bank has signed an agreement with the federal authorities to support the development of a local CO₂ sequestration market. As part of this collaboration, the three partners will establish an atlas of CO₂ emission sources and potential underground sequestration sites.

As a private sector financing specialist, IFC will support the most promising companies that can pilot new technologies for CO₂ capture, use, and storage. For its part, the World Bank is committed to supporting the Federal Government of Nigeria in putting in place policies and regulations that will accelerate technology adoption while helping the local CO₂ sequestration industry meet international standards.

Sequestration processes

The World Bank supports geological sequestration of CO₂. This process involves capturing CO₂ at the source, such as in industry, concentrating it and transporting it to a suitable geological site for storage. There is also natural sequestration, which involves biological processes to capture and store atmospheric CO₂ through carbon cycle equilibria, through carbon sinks such as oceans, grasslands and other vegetation cover.

According to the World Bank, Nigeria is likely to have significant space for geological storage of CO₂, in part due to the availability of depleted oil and gas deposits. “Their potential will be mapped using government and industry data. The project will also use geological studies and look closely at obtaining the rights to do the sequestration,” says the Washington, D.C.-based bank in the United States of America.

Financing the partnership

Initiatives under the partnership will be financed by the World Bank’s CO₂ Capture and Storage Capacity Building Trust Fund under the Energy Sector Management Assistance Program (ESMAP). This fund was established in 2009 to support the development and deployment of CO₂ sequestration in developing economies. It receives funding from the British and Norwegian governments.

“If we can combine carbon dioxide capture with a decisive push on renewable energy, countries like Nigeria could be poised for a real breakthrough,” enthuses VivekPathak, IFC’s global head of climate change. The implementation of CO₂ capture technologies will support Nigeria in meeting its international commitments. In 2021, the West African country’s updated Nationally Determined Contribution (NDC) set a target of at least 20% and up to 47% reduction in greenhouse gases from business as usual by 2030.

As the largest economy on the African continent with a gross domestic product (GDP) of $432.3 billion (in 2020 according to the World Bank), Nigeria could serve as an example for other African countries, including South Africa, which is considered the continent’s biggest polluter, with an electricity sector that is 80% dependent on coal-fired power plants, according to South Africa’s Department of Mineral Resources and Energy.