The Pan Ocean project was commissioned in 2012 and by the end of 2021 had generated close to 7 million tons of CO2e in emission reductions. Two other flare reduction projects, commissioned in 2021 and 2022 respectively, have a combined reduction impact of about 600,000 tons of CO2e per year.
Several flare projects are currently under development and methane emission reduction projects are being considered as well as nature-based carbon credit projects.
For projects with sales of emission reductions to international carbon markets ICA-Finance has obtained official Letters of Approval (LoAs). Thus, the Nigerian Ministry of Environment has stated that the relevant emission reductions will not be reported as part of Nigeria’s Nationally Determined Contribution (NDC) under the Paris Agreement, hence preventing any risk of double counting of reductions.