Ghana says it will require a total of five hundred and sixty-one billion dollars (US$561.8 billion) to implement its energy transition policy initiatives to be able to achieve net zero emissions by 2070.
President of the West African nation, Nana Akufo-Addo revealed this when he addressed a high-level meeting on ‘Sustainable Energy for All’, organised by Bloomberg philanthropists on the sidelines of the ongoing United Nations Climate Change Conference (COP27) at Sharm el-Sheikh, Egypt.
Ghana’s Ministry of Energy, last year, constituted an Energy Transition Committee to solicit views from stakeholders to develop an Energy Transition Framework.
Touching on the Energy Transition Framework, President Akufo-Addo stated that all existing policies have been considered and the programmes 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 fewer than 4.5 cents 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 tons of carbon dioxide of Green House Gas emissions, minimising energy-related indoor air pollution and associated diseases. It is estimated that forty-eight thousand, two hundred and eighteen (48,218) premature deaths will be avoided annually due to the improvement in air quality, resulting from the impact of the transition.”