'COP 28': Ghana to attract $550 billion in renewable energy – Energy Minister

Ghana’s Minister of Energy, Mathew Opoku Prempeh, took the stage at the 28th Conference of Parties (COP 28) in Dubai to present Ghana’s ambitious Energy Transition Investment Plan which is seeking to attract $US 550 billion in capital investment to scale up renewable energy and introduce nuclear energy into the country’s energy mix.

Addressing “Ghana Energy Day” at Ghana’s pavilion at the Expo Centre, where COP 28 is being hosted, the Energy Minister said investments are also needed for the deployment of electric vehicles to replace internal combustion engines, the construction of electric and hydrogen-fuel cell charging stations, the production of biofuels, the replacement of biomass industrial boilers with electric boilers, and the provision of energy-efficient electrical appliances for the residential and service sectors, among others.

According to Dr. Prempeh, the requisite capital will culminate in universal access to affordable and reliable power by 2024, economy-wide decarbonisation, socio-economic development, which will create 400,000 net jobs, and achieve net-zero emissions by 2060.

He added that the government will pursue policy reforms and provide a suitable environment to attract private sector capital and de-risking instruments.

He seized the opportunity to extend an invitation to all investors to collaborate with the Government of Ghana in carrying out the projects outlined in the Energy Transition Framework, with the aim of promoting industrialization and attaining the net-zero targets.

Dr. Prempeh’s presentation received extensive acclaim from international delegates attending COP 28 as he emphasised collaboration with international partners and private sector engagement in Ghana’s drive to clean energy.

Ghana has long been recognised as a leader in Africa for its efforts to transition from fossil fuels to cleaner and more sustainable energy sources.

The Energy Transition Investment Plan showcased Ghana’s commitment to increasing renewable energy capacity while reducing dependence on traditional fossil fuels.

The plan includes targets for expanding solar, wind, hydroelectric, and biomass power generation across the country.

The transition aligns with Sustainable Development Goal 7 (SDG7) on ensuring access to affordable, reliable, sustainable, and modern energy for all.