The National Oil Corporation (NOC) ‘Think Tomorrow’ campaign launched by its chairman, Farhat Bengdara, at COP28 in Dubai last year is making swift progress.

The aim of the campaign is to achieve a green and sustainable future for Libya through the use of more sustainable practices.

The project consists of several phases, including the eradication of gas flaring and waste oil lakes as well as capturing Libya’s solar potential by harnessing 3,200 hours of sunlight to supply renewable energy to the country’s oil fields.

February saw the first phase of the campaign, aimed at planting one million trees by 2025, being launched in western Libya in the areas of Al-Assa, Al-Jufra and Al-Aziziya.

The aim of this first phase is to plant different types of seedlings appropriate to the environment to foster more green spaces in places where there are few forest seedlings, as well as to ensure agriculture is adaptable to the risks of climate change such as drought and desertification.

The campaign was carried out in cooperation between several parties including the Ministry of Agriculture and Livestock as well as its affiliated bodies.

“It is encouraging to see the first phase of the NOC’s campaign coming to fruition, demonstrating Libya’s commitment to following through on its promises made at COP28,” said Ahmed Gaddah, a partner at Eltumi Partners.

Libya’s National Strategy for Renewable Energy and Energy Efficiency 2023-2025 (NSREEE), launched last December, is aimed at achieving 4,000 MW of its electricity from renewable sources by 2035.

The country is making significant progress in its aims of encouraging international companies to invest in Libyan renewable projects. The Renewable Energy Authority of Libya (REAoL) unveiled a guarantee fund in March, which will provide necessary guarantees to overseas investors in case of commercial or political risks.

Also in March, REAoL signed an MoU with a Canadian consortium consisting of engineering and construction firm, Petro Techna International, and investment company, Jacob Capital.  The aim of the agreement is to leverage the expertise of both companies in the Libyan renewable energy sector.

The European Union has also made a firm commitment to support Libya’s energy transition and climate resilience efforts by allocating funding to both the German Corporation for International Cooperation (GIZ) and the United Nations Development Programme.

These latest developments mark a pivotal moment in Libya’s shift from hydrocarbons to renewable projects.

Eltumi Partner is well placed to advise firms looking to explore renewable projects in Libya. Follow our LinkedIn page or visit our Insights page for more market updates.