Ghana needs $550 billion to transition to zero energy related carbon emissions by 2060 

By Rex Mainoo Yeboah, ISD || contributor
Social News Ghana needs 550 billion to transition to zero energy related carbon emissions by 2060
NOV 20, 2023 LISTEN

Ghana needs to raise $550 billion over the next 40 years, an equivalent of 10 per cent of its annual GDP, to achieve zero energy-related carbon emissions by 2060.

In fulfilling this commitment, the government on 21st September 2023, unveiled a Ghana Energy transition and investment plan during the Global Africa Business Initiative event in New York, USA.

President Nana Addo Dankwa Akufo-Addo disclosed this at the Ghana Energy Awards 2023, organised by Media Energy last Friday at the Labadi Beach Hotel in Accra.

“This may appear huge yet it is less than what we will spend if we carry on unconcerned. This national framework is ambitious but it is attainable,” the President stated.

Ghana is a signatory to the Paris Agreement on Climate Change, whose ultimate goal is to keep rising global temperatures below 2 degrees Celsius, preferably 1.5 degrees Celsius relative to pre-industrial levels.

That means Ghana will have to commit itself to lowering its greenhouse emissions concerning the effects of climate change while ensuring the country’s development and the well-being of the people are not jeopardised.

The Ghana energy transition and investment plan, according to the President, spells out reasonable path for the country to attain net zero energy-related carbon emissions by 2060.

The framework, President Akufo-Addo indicated, was due to comprehensive research and engagement with several stakeholders in the energy sector, including sector institutions, civil societies, corporate sector, international partners and academia.

The plan, he emphasised, also aligns with the country’s development agenda and the 2030 United Nations SDGs.

“The framework outlines how we will implement low carbon solutions in major sectors of our economy such as oil and gas, transport….and power.”

The plan, President Akufo-Addo explained, also highlights the essential investments, regulatory initiatives, institutional arrangements and capacity buildings needed to facilitate this shift.

“It is a living document that will be reviewed regularly and evaluated to ensure that it remains relevant and responsive to our changing circumstances and goals,” he noted.

The plan, which is expected to impact positively on Ghana’s economy, protect the environment, increase energy security, diversify the energy mix and safeguard the resources, according to the President, will also position Ghana as a world leader in energy transition.

“We will be among the first countries in Africa and beyond to attain universal access to clean and modern energy by 2030,” he added.

Even though the framework would need collaboration between Ghana and its foreign partners, the President stressed that it would largely require the dedication of all Ghanaian citizens in this shift.

“We need Ghanaians to accept this vision of Ghana’s energy future,” he emphasised.

President Akufo-Addo commended Energy Media as its accomplishments in the sector is crucial to the growth and development of the country.

He said the contribution of individuals, institutions and organisations to achieve the government’s goals of a robust and fit-for-purpose energy sector cannot be underestimated, therefore, recognising their contributions would further propel them to do even more.

President Akufo-Addo commended the Minister of Energy, Dr Matthew Opoku Prempeh, whose exemplary leadership the President noted, had led to sustain growth in the sector and its value chain through sound policy direction.

The Ghana Energy Awards aims to recognise the efforts, innovation and achievements of individuals, companies and institutions in Ghana’s energy sector. It is also to celebrate the tremendous work of competing players under various award categories.

The 2023 Ghana Energy Awards features 23 competitive categories and four non-competitive categories.

The competitive categories include the Energy Personality of the Year (Male and Female), Chief Executive of the Year (Power and Petroleum), Rising Star (Individual and Company), the Energy Signature Award, Visionary Leadership Award, Green Chief Trailblazer Award, Energy Reporter of the Year, among others.

The non-competitive categories are the Lifetime Achievement Award, Women in Energy Excellence Award, Osagyefo Young Leadership Award and the Exemplary Leadership Award.

The Chief Executive Officer of Bulk Oil Storage and Transportation, Edwin Alfred Provencal and the Chief Executive Officer of Pecan Energies Ghana Limited, Ms Kadijah Amoah won the ‘Male’ and 'Female Energy Personality of the Year’ Award at the 2023 Ghana Energy Awards.