June 20, 2022

‘New laws needed to regulate rising energy demand’

By Henry Ojelu

Energy law expert and global Vice Chair of the International Law Association, ILA, Prof Damilola Olawuyi has said new legal guidelines are needed to meet the projected exponential growth in demand for natural gas in the emerging trend in energy transition.

He said failure to understand and comply with such emerging standards could pose significant legal, business and transition risks for clients, and their lawyers alike, and may result in complex litigation.

Olawuyi, who is also the vice chancellor, Afe Babalola University, Ado Ekiti, ABUAD,  stated this while virtually unveiling his new book titled:  “The Palgrave Handbook of Natural Gas and Global Energy Transitions”.

He said: “Like Nigeria, many natural gas-rich countries across the world are introducing new legal requirements, contractual mechanisms, and industry guidelines in order to meet the projected exponential growth in demand for natural gas in light of the energy transition, in a safe, reliable, and environmentally responsible manner.

He noted that the  new book outlines “the risk mitigation strategies and contractual techniques,  focusing on resilience planning, low-carbon business models, green procurement, climate-smart infrastructure development, transparent climate disclosures and reporting, gender justice, and other sustainability safeguards – that are required to maximize the full value of natural gas as a catalyst for a just and equitable energy transition and for energy security across the world.

Olawuyi explained that the book was written out of the need to provide in-depth knowledge of the transformative implications of the ongoing global energy transitions for natural gas markets across the world.

He said the book highlights the important roles of natural gas in the global energy transition, and how gas rich countries such as Nigeria can leverage their comparative advantages as safe, reliable, and environmentally sustainable suppliers of this transition fuel.

Published by Palgrave Macmillan, United Kingdom, the 619-page book, apart from Prof Olawuyi, is co-edited by  Eduardo Pereira, a Brazilian energy law expert with case studies from Africa, Asia, Europe, North America, Latin America, South America, Australia, and the Middle East, the book introduces worldwide readers to the latest legal, policy, technological, fiscal, contractual and sustainability innovations in natural gas markets in response to ongoing global energy transition.

On the book, the Executive Chairman of the African Energy Chamber and Chief Executive Officer of Centurion Law Group, N. J. Ayuk,  said the book makes a powerful case on the role of natural gas in pursuing just energy transitions.

He commended the authors for providing such “a thorough look at the regulatory, financial, and business measures necessary for gas-producing nations to capitalize on their natural resources.