The President Nana Akufo Addo has retaliated Ghana’s determination to increase the share of renewable energy in our electricity generation mix, as well as explore the options of hydrogen gas and other clean energy sources to meet our energy needs.

The President made this known on Monday, at a High-Level Event on Sustainable Energy for All, organized by Bloomberg Philanthropies, on the sidelines of COP27 in Sharm el-Sheikh, Egypt.

According to President Akufo-Addo, “Energy transition has become a global responsibility for us all, especially in view of the impact of climate change, and the global energy crisis brought forth by the Russian invasion of Ukraine.”

With Ghana being a signatory to the Paris Agreement and other international conventions, which require the country to reduce her carbon dioxide emission levels, he indicated that it has become imperative for Ghana to develop plans and strategies toward the creation of a net-zero energy sector, whilst aggressively pursuing the nation’s economic development.

“Our updated Nationally Determined Contributions, under the Paris Agreement, affirm the country’s resolve to address the impacts of climate change and build a resilient economy for our people”, he stressed.

Akufo-Addo continued, “Ghana’s position on energy transition is to continue the responsible exploitation of our natural resources for our development and transition at our own pace. The Government of Ghana is mindful of the actions of the developed countries in relation to energy transition, and their effect on us.”

To this end, he told the gathering that it has thus, become necessary for the Government of Ghana to develop an Energy Transition Framework that will guide the country, as the entire world moves towards realizing net zero

The President also said that the Government of Ghana, being mindful of the implications of such a framework and its implementation on the entire economy, directed the Committee to undertake extensive stakeholder consultations, in addition to expert input, to produce the National Energy Transition Framework to guide its transition to a net-zero economy by 2070 in a just and equitable manner, as well as minimise possible stranded assets and job losses in the oil and gas sector.

The total cost of the transition is estimated at five hundred and sixty-one billion dollars (US$561.8 billion), the President added.