President Akufo-Addo
PRESIDENT AKUFO-Addo has assured the global community of the country’s full commitment to increasing its share of renewable energy, saying it is a priority of his government.
“We will continue to increase the share of renewable energy in our electricity generation mix, as well as explore the options of hydrogen gas and other clean energy sources to meet our energy needs,” he said.
The President was speaking at a High-Level Event on Sustainable Energy for All, organised by Bloomberg Philanthropies, on the sidelines of COP27 ongoing in Sharm el-Sheikh, Egypt.
According to President Akufo-Addo, “Energy transition has become a global responsibility for us all, especially given the impact of climate change, and the global energy crisis brought forth by the Russian invasion of Ukraine.”
He emphasised that as a signatory to the Paris Agreement and other international conventions, which required the country to reduce its carbon dioxide emission levels, it has become imperative 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 to build a resilient economy for our people,” he stressed.
President Akufo-Addo continued, “Ghana’s position on energy transition is to continue the responsible exploitation of our natural resources for our development and transition at our own pace.”
He also highlighted that the government is mindful of the actions of developed countries regarding the energy transition, and their effect on the country and continent at large.
He, therefore, noted that it has become necessary for his government to develop an Energy Transition Framework that will guide the country, as the entire world moves towards realising a net-zero energy sector.
The President also said the government, being mindful of the implications of such a framework and its implementation on the entire economy, has directed the committee 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.
Energy Transition
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 organised and non-organised 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.
The President continued, “the transition will mitigate 200 million tonnes of carbon dioxide of Green House Gas emissions, minimising energy-related indoor air pollution and associated diseases. It is estimated that 48,218 premature deaths will be avoided annually due to the improvement in air quality, resulting from the impact of the transition.”
BY Jamila Akweley Okertchiri