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Ghanaian President Nana Akufo-Addo has assured the global community of the government’s commitment to increasing the country’s share of renewable energy in the energy mix. The President made his announcement at a high-level event on Sustainable Energy for All, on the sidelines of COP27 in Sharm el-Sheikh, Egypt.
Ghana is a signatory to the Paris Agreement and other international conventions, under which the country will endeavor to reduce its carbon emission levels. It has become imperative for the country to develop plans and strategies for developing a net-zero energy sector, while aggressively pursuing its economic development.
According to Akufo-Addo, the transition to renewable energy has become a global responsibility for all. Ghana will explore the options of hydrogen gas and other clean energy sources to meet the country’s energy needs.
The President said that Ghana will harness the opportunity for the energy transition in a just and equitable manner, as it relies on carbon-intensive industries for economic development. He elaborated on the country’s newly released ‘National Energy Transition Framework’ that will guide Ghana to become a climate-resilient low-carbon energy country.
The President also mentioned that all existing policies and the programs that are being implemented toward achieving the country’s Nationally Determined Contributions (NDCs) were considered while preparing this framework. This will serve as a blueprint for Ghana’s just energy transition to net zero by 2070.
The framework will be sought to minimize possible stranded assets and job losses in the oil & gas sector. It provides the optimal and sustainable pathway for fuel supply security, cost-efficient electricity generation, and a diversified energy mix. The estimated generation tariff will be less than $4.5 per kWh.
The new framework is expected to meet Ghana’s future electricity demand of 380 TWh, with a corresponding installed capacity of 83 GW. The country’s diversified energy mix will include 21 GW of renewable energy installed capacity.
The energy transition will mitigate nearly 200 million tons of carbon dioxide emissions, minimizing energy-related air pollution and associated diseases as well as accelerating socio-economic development. The total cost of the transition is estimated at $561.8 billion.