CSO Alliance urges ambitious renewable energy transition timelines for Ghana
The CSO Alliance has stated that the next government should commit to more ambitious transition timelines and be more deliberate in its efforts at attracting investments into the renewable energy sector while ensuring justice and equity.
Specifically, oil and gas companies operating in Ghana, the CSO Alliance notes, should be incentivized to consider investing in the downstream beneficiation activities in the green minerals sector.
The CSO Alliance made the demand during a press briefing on Wednesday, July 3, 2024, which followed a manifesto dialogue with the various political parties at the Royal Senchi Resort Hotel.
Ghana, like many other countries around the world, has responded to the call and need for a shift from greenhouse gas-producing fuels to green, clean renewable energy sources such as wind, solar, and green minerals.
The advocacy for use of cleaner sources of energy by individuals, businesses, and countries is in view of the devastating impacts of climate change has intensified over the past two decades.
Ghana is estimated to need approximately $550bn to be able to finance its energy transition and achieve a net zero emission target by 2060.
According to the Minister for Energy, Mathew Opoku Prempeh, the country’s ambitious Energy Transition and Investment Plan aims to attract the said $550 billion in capital investments to facilitate a comprehensive transition in the country’s energy sector.
The key components of the plan include scaling up renewable energy, introducing nuclear energy, promoting clean cooking solutions, and implementing low-carbon technologies like Carbon Capture Utilisation and Storage.
Dr. Opoku Prempeh notes that, the Energy Transition Investment Plan (ETIP) envisions a substantial portion of the required funding to be sourced from private sector investments, supported by de-risking instruments.
The Government intends to play a facilitating role by implementing policy reforms and creating a conducive environment for the successful execution of energy transition projects.
The plan encompasses various aspects, such as deploying electric vehicles to replace Internal Combustion Engines, establishing charging stations for electric and hydrogen-fuel cell vehicles, producing biofuels, substituting biomass industrial boilers with electric boilers, and promoting energy-efficient electrical appliances in residential and service sectors.
The Energy Minister has emphasized that achieving the targeted capital investment would result in universal access to affordable and reliable power by 2024, widespread decarbonization across the economy, socio-economic development, the creation of approximately 400,000 new jobs, and, most importantly, achieving net-zero emissions in Ghana by 2060.
