Ghana is committed to increasing its share of renewable energy in the energy mix, President Nana Addo Dankwa Akufo-Addo assured when he addressed the global Community at a High-Level on Sustainable Energy for All Summit in Sharm el-Sheikh, Egypt.
Speaking at the event organised by Bloomberg Philanthropies, on the sidelines of COP27, President Akufo-Addo said Ghana would continue to increase the share of renewable energy in its electricity generation mix, as well as explore other options such as hydrogen gas and other clean energy sources to meet her energy needs.
He said energy transition had become a global responsibility for all, especially given the impact of climate change and the global energy crisis brought forth by the Russian invasion of Ukraine.
Ghana is a signatory to the Paris Agreement and other international conventions, which require that the country reduce its carbon dioxide emission levels.
Because of this, President Akufo-Addo indicated that it had become imperative for Ghana to develop plans and strategies toward the creation of a net-zero energy sector, whilst aggressively pursuing the nation’s economic development.
“Our updated Nationally Determined Contributions, under the Paris Agreement, affirm the country’s resolve to address the impacts of climate change and build a resilient economy for our people,” he stressed.
Ghana’s position on energy transition, according to President Akufo-Addo, is to continue to responsibly exploit her natural resources for the development and transition at its own pace, adding: “the Government of Ghana is mindful of the actions of the developed countries concerning energy transition, and their effect on us.”
To that end, he told the gathering that it has thus, become necessary for the Government of Ghana to develop an Energy Transition Framework that would guide the country, as the entire world moves towards realizing net zero.
That, President Akufo-Addo said, the Government of Ghana, was mindful of the implications of such a framework and its implementation on the entire economy.
As a result, he had directed a Committee established to undertake extensive stakeholder consultations, in addition to expert input, to produce the National Energy Transition Framework to guide its transition to a net-zero economy by 2070 in a just and equitable manner, as well as minimise possible stranded assets and job losses in the oil and gas sector.
The total cost of the transition is estimated at US$561.8 billion, the President added.
President Akufo-Addo also addressed the High-Level Meeting on “Just Energy Transition”, where he indicated that Ghana has developed a National Energy Transition Framework to provide the vision and guidance for Ghana’s energy transition.
In preparing this framework, the President stated that all existing policies were considered and the programmes that are being implemented towards achieving Ghana’s Nationally Determined Contributions.
“Wide stakeholder consultations were held to ensure that the energy transition issues in various parts of the country were captured and addressed in the framework. These included organized and non-organized labour, market women, academia, Ministries, Departments and Agencies (MDAs), Metropolitan, Municipal and District Assemblies (MMDAs), Development Partners (DPs) and the international community,” he said.
He explained that the Framework provides the optimal and sustainable pathway for fuel supply security, diversified energy mix and cost-efficient electricity generation, with an estimated generation tariff of less than US$4.5cents per kilowatt hour to accelerate the socio-economic development of Ghana.
“Ghana aims to achieve universal access by 2024. The Energy Transition Framework will meet the future electricity demand of 380 Terawatt-hours, with a corresponding installed capacity of 83 Giga-Watts. Ghana’s diversified energy mix will include 21 Gigawatts of renewable energy installed capacity, which will provide the opportunity to enjoy a greater share in the renewable energy carbon credit market,” he added.
President continued, “the transition will mitigate 200 million tons of carbon dioxide of Green House Gas emissions, minimising energy-related indoor air pollution and associated diseases. It is estimated that forty-eight thousand, two hundred and eighteen (48,218) premature deaths will be avoided annually due to the improvement in air quality, resulting from the impact of the transition.”
Rex Mainoo Yeboah, ISD