All countries have a vital role and interest in avoiding catastrophic climate impacts and safeguarding a liveable planet. Like the citizens of most developing countries, Ghanaians are increasingly affected by climate change, despite bearing little responsibility for the emissions which have caused it.
At the COP26 climate conference last year, governments reaffirmed their commitment to the goal of limiting global warming to 1.5°C. Achieving this will require a colossal and unprecedented shift away from fossil fuels to renewable energy sources like wind and solar – as well as the provision of clean, affordable, and reliable energy for the nearly one billion people currently living without it.
Speaking at the Ghana Economic Outlook Summit under the theme ‘Climate Financing: Positioning Ghana’s Economy in the era of Energy Transition’, Ghana’s Deputy Minister for Energy Dr. Mohammed Amin Adam said Ghana 2030 will reduce Carbon dioxide emissions.
“In September 2021, through a total of 47 mitigation and adoption program actions, Ghana targets to reduce CO2 emissions by 64 million tones by 2030. This includes several policy actions such as increasing renewable energy penetration in our energy mix by 10 percent by 2030.
Dr. Amin Adam revealed that the transition will come at a huge cost to Ghana even at a modest level and as a country, we must be prepared for that.
To archieve our carbon emissions target and obtain the internationally determined contributions, Ghana requires investment of between $9.3 billion and $15.5 billion. About $3.9 billion will be required to implement the 16 unconditional programs of actions in 2030 and the remaining $5.4 billion for the 31 conditional program of action which will be mobilized from the public, international and the private sector.
He added, “there is a huge responsibility on us if we have to transition even at the modest level that we want to accomplish. All these figures as I indicated earlier mean that Energy Transition comes at a cost.”
Just like other developing countries, Ghana had huge deposits of hydrocarbon resources that needed to be harnessed for development. The global agenda to phase out fossil fuel and resort to renewable energy would lead to disruption of the economy resulting in revenue and job losses because Ghana depends so much on its natural resources.