Developing countries lack enough funding to reduce emissions
Energy transition efforts key to renewable energy sustainability
Vice President, Dr. Mahamudu Bawumia, has highlighted the need for Ghana to increase its natural gas-based electricity generation as it aims to move towards a net-zero future.
According to him, Ghana must first harness the use of its natural gas resources by expanding gas pipelines to demand centres across the country and increase access to Liquified Petroleum Gas for cooking purposes in households.
Speaking at the National Energy Transition Forum in Accra on February 22, Dr Bawumia said, “We all have to be aware that this energy transition is going to take place over the next 30 years but the cost of energy transition is already being felt today.”
“There is less funding available for oil exploration and exploitation and you are seeing this in an increase in oil prices globally today, as this transition is being talked about and is taking place. But we, in many of the developing countries are facing these very high costs of petroleum prices that is resulting in many economic impacts such as inflation in many countries as prices of goods increase in response to the increase in petroleum prices. So, we have to be very aware of where this is going," Dr. Bawumia explained.
He continued, “There are many who have said that the petroleum prices increase is going to remain as such high levels, we are not going to see any major declines, then how do we as developing countries like Ghana adjust to this new reality if it becomes the new normal of high oil prices and petroleum prices and its impact on the macro variable in our respective economies. It is clear that we need to have a plan hence this is what this stakeholder conference is about.”
He further commended the Ministry of Energy and Ministry of Transport for setting out a goal to soon pilot gas-driven and electronic vehicles in the country.
“This is great for us to also set our target because we just don’t want to pilot but to set a target for what we should be doing as a country towards energy transition and I am hoping this forum will give us some targets to achieve, especially for our electric vehicle transition,” the vice president said.
The National Energy Transition Forum seeks to solicit stakeholders' inputs towards the implementation of a harmonious national energy policy that is in sync with the Paris Accord, which aimed at achieving a net-zero carbon emission.
The forum which was under the theme; 'Moving Ghana toward a net-zero future’ comes following a Climate Change Conference held in Glasgow in the UK in 2021.
At the climate change conference, many African leaders including Ghana's President, Nana Addo Dankwa Akufo-Addo, raised concerns about the mere lack of funding which is only 5 percent granted to developing countries aimed at reducing emissions.
The forum which was under the theme; 'Moving Ghana toward a net-zero future’ comes following a Climate Change Conference held in Glasgow in the UK in 2021.
At the climate change conference, many African leaders including Ghana's President, Nana Addo Dankwa Akufo-Addo, raised concerns about the mere lack of funding which is only 5 percent granted to developing countries aimed at reducing emissions.
