The National Energy Transition Committee (NETC), the body tasked with developing a national energy transition policy has projected that Ghana will need approximately $250 billion to achieve its target of net 0 carbon emissions by 2070.
A member of the NETC, Callistus Nero said as part of efforts to fund the transition, the Committee intends to devise a strategy in the policy that would entice local or international investors to participate in Ghana's energy transition.
He made this known on Monday at a Policy Dialogue on Energy Transition held in Accra.
Making a presentation via Zoom, Mr Nero said although countries worldwide were expected to stop their reliance on fossil fuels by 2050, Ghana's "cautious transition" meant it would meet the target in 2070. The country currently has a C02 emission per capita equivalent to 0.51tonnes.
"Locally, Ghana wants to transition but we want to do that at our own pace, based on our needs and our resources," Mr Nero said.
"So, we want to first of all transition to a low carbon economy and eventually to Net 0 which per our plan looks at us achieving at 2070".
He said the Committee was tasked with putting in place measures to ensure that Ghana meets this target.
The Committee is to assess the benefits, risks and costs associated with the global energy transition.
The dialogue was jointly organized by Action for Citizens-led Transformation Africa (ACT Africa) and the Natural Resource Governance Institute (NRGI). It was themed: "Our state of play and agenda for COP 27".
In the first presentation of the day, the West African Regional Manager of the NRGI, Nafi Chinery commended the government for setting up the NETC to oversee Ghana's transition process.
She also urged the Committee to fast-track processes in its mandate to develop a robust energy transition policy.
She however urged the African countries that will participate in the 2022 United Nations Climate Change Conference, more commonly referred to as COP27 to advance their common position to accelerate energy access and a just transition.
Ms Chinery said African countries should be guided by common such as the mobilization of adequate financing; acceleration of regional integration to create large markets for energy development; harmonization of policies and regulatory frameworks; and encouraging technology transfer and capacity building.
She urged them to push for favourable outcomes and tangible investments in energy and infrastructure at COP 27, adding that " Large polluters must lead the charge for expanding the public finance purse".