COP28: Energy Minister woos investors to finance Ghana’s $550bn energy transition

Energy Minister, Dr. Matthew Opoku Prempeh, outlined the country’s ambitious Energy Transition and Investment Plan during Ghana’s Energy Day at the Conference of Parties (COP28) in Dubai, UAE. The plan aims to attract $550 billion in capital investments to facilitate a comprehensive transition in the country’s energy sector.

The key components of the plan include scaling up renewable energy, introducing nuclear energy, promoting clean cooking solutions, and implementing low-carbon technologies like Carbon Capture Utilisation and Storage.

According to Dr. Prempeh, the Energy Transition Investment Plan (ETIP) envisions a substantial portion of the required funding to be sourced from private sector investments, supported by de-risking instruments. The Government intends to play a facilitating role by implementing policy reforms and creating a conducive environment for the successful execution of energy transition projects.

The plan encompasses various aspects, such as deploying electric vehicles to replace Internal Combustion Engines, establishing charging stations for electric and hydrogen-fuel cell vehicles, producing biofuels, substituting biomass industrial boilers with electric boilers, and promoting energy-efficient electrical appliances in residential and service sectors.

Dr. Prempeh emphasized that achieving the targeted capital investment would result in universal access to affordable and reliable power by 2024, widespread decarbonization across the economy, socio-economic development, the creation of approximately 400,000 new jobs, and, most importantly, achieving net-zero emissions in Ghana by 2060.

The Energy Minister extended an invitation to potential investors, expressing the Government’s openness to partnerships. He highlighted the importance of collaboration to implement the projects outlined in the Energy Transition Framework, emphasizing their role in driving industrialization and helping Ghana achieve its net-zero emission targets.

Dr. Matthew Opoku Prempeh further underscored the government’s commitment to sustainable development and encouraged investors to actively engage in shaping Ghana’s energy future.