Energy Transition: Consider equity, tangible investments at COP 27 – NRGI tells Ghana, African peers
West Africa Regional Manager (Anglophone) at the Natural Resource Governance Institute (NRGI), Nafi Chinery, has urged African governments to have a coherent approach and message on energy transition at the upcoming COP 27 in November next year (2023).
According to her, African governments must have a common position on energy transition plans on the Continent with transition plans targeted at ensuring equity in finance from developed countries as well as investments into tangible energy transition plans.
Speaking at a policy dialogue themed, Energy Transition in Ghana: Our state of play and agenda for COP 27, jointly organized by Action for Citizens-led Transformation Africa (ACT Africa) and the Natural Resource Governance Institute (NRGI), Ms Chinery averred energy transition issues such as the 46% revenue loss [in 2 decades] and high debt-to-GDP ratios of fossil fuel dependent countries, are among the key issues that need to be addressed at COP 27.
“Developed countries need to put in more money to address the continent’s energy transition challenges. Support for energy transition plans on the Continent must be equitable and just,” she said.
Reports indicate that, Nigeria, the Democratic Republic of Congo (DRC) and Ethiopia, are the three African countries that are mostly to be affected by energy transition on the Continent.
Presently, the Continent needs to improve on its energy transition intensity from 1.4% to 3% to meet the global goal on energy transition.
Already, the African Union (AU) at the 41st Ordinary Session of the Executive Council on July 15, 2022, adopted the African Common Position on Energy Access and Just Transition, a comprehensive approach that charts the Continent’s short, medium and long-term energy development pathways to accelerate universal energy access and transition without compromising its development agenda.
The adoption of the African Common Position on Energy Access and Just Transition by the AU, is in consonance with reaffirmed commitments of world governments to limiting global warming to 1.5°C.
The UN climate change conference, COP27, will be held in Sharm El-Sheikh, Egypt from November 6 to 18, 2022.
COP 27 will bring governments together to accelerate global efforts to confront climate crisis. It is an important meeting given that, latest data shows that climate change is accelerating much faster than anticipated and is pushing ecosystems and communities to their limits.
Meanwhile, Ghana, is looking to raise some $250bn to finance its energy transition plan.
The anticipated $250bn funds, is based on projections for the country’s GDP growth, population and access to electricity in the next 50 years.
The anticipated funds from investors, the National Energy Transition Committee (NETC) says, will help Ghana transition to a net zero carbon economy by 2070.