Ghana needs $600b for energy transition – Minister
As the global calls for climate efficient solutions increase and countries are making efforts towards energy efficiency, Ghana reportedly needs about $600 billion to cumulatively implement the country’s energy transition agenda by 2070.
In pursuit of that agenda, the Minister of State at the Ministry of Finance, Mohammed Amin Adam, says the government is planning to put up about 1000 electric charging stations across the country to promote the use of electric vehicles.
He said building the infrastructure within the next five years was crucial to ensure that Ghana was not left behind in the energy transition agenda.
Currently, he estimated that there were about 1000 electric vehicles in Ghana with about three electric charging stations for servicing.
Mr Adam observed that the shift in global preference from combustible to electric vehicles was a wakeup call for the country to increase the pace of energy transitioning not to pay a hefty price to catch up.
“We ordered buses for Metro Mass Transport last year and when we placed our order, the manufacturing company told us that out of all the orders that they had received, we were the only country ordering combustion vehicles. The rest are ordering for electric,” he said, stressing the need for the country to move to electric vehicles.
He said this at a Climate Finance conference organised by the Institute of Statistical, Social, Economic Research (ISSER) of the University of Ghana (UG) and the European University Institute (EUI).
The theme for the conference was “Climate Finance for Sustainable Energy transition in Africa”.
Ghana currently needs about $600 billion to cumulatively implement energy transition agenda by 2070.
In that regard, he said the government was working to create an enabling environment for private sector participation in sustainable energy transition and willing to champion policies that promoted investments in sustainable energy projects.
“Together with our international partners and institutions, we can overcome the obstacles that lie ahead and realise our collective vision of a thriving, energy secure Africa,” he said.
Professor Peter Quartey, Director of ISSER, said the country must rise above the excuse of low development level as an inhibitor to increase the pace of energy transition.
He said more resources needed to be committed to promote the use of renewable energy that the country had in abundance.
“I am particularly concerned about the way we use electricity. I think we can use solar power as a source for charging point for electric vehicles rather than rely on the national grid for energy,” he said.
During a panel discussion on the topic, “Meaning of and Vision for the Sustainable Energy Transition in Africa,” Madam Bola Adigun, Partner Deloitte, said in pursing energy transition agenda, African countries must look at comparative advantage in terms of abundance of resources, and human capital capacity, among others.
Source: GNA