Ghana is seeking investors to be able to undertake projects outlined in the Energy Transition Plan which requires about US$550 billion capital to realise.
The Energy Transition Plan, among other things, aims to scale up renewable energy and introduce nuclear energy in the country’s energy mix, and for the deployment of clean cooking solutions and low-carbon solutions such as Carbon Capture Utilisation and Storage.
Addressing a gathering of investors during Ghana Day at the Ghana Pavilion at the Conference of Parties (COP28) currently underway in Dubai, UAE., Ghana’s Minister for Energy, Dr Matthew Opoku Prempeh, said he anticipated that the majority of the funding for the projects would come from private sector capital and de-risking instruments.
The Government of Ghana, according to the Minister, would pursue policy reforms and provide a suitable environment for the execution of the energy transition projects.
“Investments are also needed for the deployment of electric vehicles in replacement of Internal Combustion Engines, the construction of electric and hydrogen fuel cell charging stations, the production of biofuels, the replacement of biomass industrial boilers with electric boilers, and the provision of energy-efficient electrical appliances for the residential and service sectors among others,” he said.
He continued that “the realisation of the requisite capital would culminate in universal access to affordable and reliable power by 2024, economy-wide decarbonization, socio-economic development, about 400,000 new jobs, and above all, net-zero emissions in the country by 2060.”
The South Manhyia lawmaker used the opportunity to invite all investors to partner with the Government of Ghana to undertake the projects in the country’s Energy Transition Framework to drive industrialisation and achieve the net-zero targets.
“As I said earlier, our doors are always open and I look forward to several partnerships,” he concluded.
Source: https://energynewsafrica.com
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