Energy transition investment plan necessary — Dr Bawumia

The Vice-President, Dr Mahamudu Bawumia, has stressed the need for the Ghana Energy Transition Investment Plan (GETIP) to be implemented.

He said although the plan was a colossal investment, representing a significant percentage of the country’s annual gross domestic product (GDP), the cost of inaction was far greater.

Dr Bawumia said the about $550 billion expected to be raised over the next 40 years for the investment plan was attainable.

“Our commitment today mitigates the potential cost of tomorrow in combating the effects of pollution and climate change,” the Vice-President said in a speech read on his behalf by the Minister of State at the presidency in charge of State Interests and Governance Authority (SIGA), Kweku Owusu Afriyie.

Event

He was speaking at the opening of the Africa Energy Technology conference in Accra on Tuesday.

The two-day event was on the theme: “Africa at the forefront of energy technology and policy integration in a just energy transition.” 

Participants included government representatives, policymakers and industry players within the energy ecosystem who collaborated, shared knowledge and discussed innovations in the fields of energy technology within the continent of Africa.

It was organised by the Africa Energy Technology Centre (AETC), in collaboration with the Ministry of Energy.

Benefits

Dr Bawumia further said that the benefits of the plan were multifaceted as it extended beyond economic gains to the fabric of the society and the sanctity of the environment.

He said it would enhance energy security, diversify the energy mix and create employment opportunities.

It will also bolster health outcomes and uphold the country’s commitment to eradicating poverty, while safeguarding its natural resources.

Although the path to achieving the targets seem daunting, the Vice-President, however, said it was in those moments that the true African spirit of resilience and innovation emerged.

“Our history is adorned with stories of triumph against adversity, and today, as we stand at the precipice of change, let us draw inspiration from our collective resilience.

“Let us use this platform to forge alliances, exchange ideas and foster a spirit of innovation that goes beyond our differences,” he said.

Dr Bawumia urged the participants to carry the spirit of the “conference beyond these walls.

Let it permeate our actions, policies and initiatives”.

“Let us transform the discussions here into tangible actions that resonate in our communities and echoes across our nations,” he added. 

Global energy transition

The Minister of Energy, Dr Matthew Opoku Prempeh, said global energy transition presented Africa with an opportunity to improve on its existing policies and initiatives to foster the development of all sectors of the economy.

He said respective energy transition plans must include deliberate efforts at achieving decarbonisation, energy security, access and efficiency to accelerate industrialisation and lower carbon dioxide emissions and energy demand.

Globally, energy transition is hindered by limited technological capacity, low productivity, weak capital markets and high input costs.

The minister added that the continent was saddled with high-energy deficit, inadequate human capital and lack of green energy infrastructure.

Dr Prempeh said those issues could be addressed through policy and regulatory reforms, fiscal market development and incentives to achieve sustainable consumption and production of energy at national, sub-regional and continental levels.