Ghana: Energy Commission, Local Banks Launch ECOFRIDGES GREEN Financing Scheme

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Wsdom Ahiataku (left), Director for Renewable and Alternative Energies at the Ministry of Energ, Ing. Rev. Oscar Amonoo-Neizer (middle) Executive Secretary of Energy Commission and Kofi Agyarko (right), at the launching of ECOFRIDGES GREEN

Ghana’s electricity regulator, Energy Commission, in partnership with some local banks in the Republic of Ghana, has launched ECOWAS Refrigerators and Air Conditioners Initiative (ECOFRIDGES) in Accra, capital of Ghana.

ECOFRIDGES aims at accelerating the adoption of energy-efficiency and climate-friendliness in domestic refrigerators and room air conditioners, saving consumers money on their electricity bills, relieving demand on the power sector, and mitigating impacts on the environment.

ECOFRIDGES is a joint project by the Governments of Ghana and Senegal, the United Nations Environment Programme’s United for Efficiency (UNEP U4E) initiative and the Basel Agency for Sustainable Energy (BASE).

In a speech read by Wisdom Ahiataku-Togobo, Director for Renewable and Alternative Energies at the Ministry of Energy, on behalf of the sector Minister, John Peter Amewu, he said: “Energy efficiency is a special instrument in the power supply arrangement and we need the populace to reduce the load on our infrastructure.”

He said as population grows, demand for energy increases and the government has to make investment to supply for the needs of the populace and industry.

“You know, as the economy of the country improves, as there is more money in the pockets of the people; there is the desire to invest in more electrical appliances. Everybody would like to use an air conditioner, everybody would like to have a refrigerator, but, sometimes, there is a challenge: the challenge of raising the initial capital cost to acquire these and some cases.

“There is another challenge of paying electricity bills,” Amewu asserted.

He maintained that the ECOFRIDGES project is so attractive that it would support many Ghanaians to acquire energy efficient fridges and air conditioners at zero rate of interests from partner banks across Ghana.

“Through the help of the United Nations Development Program (UNDP), Ghana undertook the collection of old refrigerators and replaced them with new ones. Ten thousand old fridges were replaced. This strategy saved Ghana a total of 40 percent of the annual output of Bui Power Plant, estimated to be 400 MWh,” Ghana’s Energy Minister stated.

He said it took 12 months to research, make it sustainable and financially viable for consumers to acquire energy efficient and climate friendly ACs and refrigerator appliances.
The scheme, he noted, brings financial institutions and vendors together to provide flexible payment terms for workers.

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Touching on its benefits, Mr. Amewu opined that it would help the Government of Ghana, households, businesses and principally, the environment.

To operationlise it, he said a committee, chaired by the Energy Commission, has been put in place and its membership include the Ministry of Energy, the Environmental Protection Agency (EPA), the Ghana Standards Authority (GSA) and the Private Enterprise Federation (PEF).

Executive Director of Energy Commission- Ghana, Oscar Amonoo-Neizer observed, “The emerging phenomenon explains why globally, nations are striving to achieve energy security. Energy Commission has a mandate to help secure Ghana’s future energy needs and we have to help secure Ghana’s future energy needs and we have never abducated our mandate.”

He mentioned that the meeting was to break another ground in their quest to make the Ghanaian economy an energy efficient one.

“In this respect, we are here to launch the ECOFRIDGES-GO project, and it is intended to make energy efficient air conditioners and refrigerators affordable to all consumers.”

He said financial mechanisms have been put in place to bring relief to all groups of consumers.

The Chief Executive Officer of Basel Agency for Sustainable Energy (BASE), Daniel Magallon, who joined the launch via zoom, lauded stakeholders in Ghana for adopting the use of efficient electrical appliances.
He was of the view that this technology is crucial for climate sustainability and also would boost Ghana’s socio-economic development.

The EcoFridges Go project is through the collaboration of Cooling Efficient Programme (KIGALI), Base Agency for Sustainable Energy (BASE), UNEP, Cal Bank, Nesstra Ghana Limited, Electroland, Hisense Ghana Ltd, SML, Letshego Ghana, Ecobank, Edrick Ltd and the Energy Commission.

Source:www.energynewsafrica.com