Stakeholders working in Ghana’s energy value-chain are demanding a comprehensive National policy framework on Ghana’s path to energy transition as dependence on hydrocarbon sources gives way to other sustainable energy sources.
According to them, a clear policy framework will provide direction on what the country’s vision is and guide strategic investment in other sustenable sources of energy in response to climate change.
The stakeholders made the call during a virtual training programme organized by the Natural Resource Governance Institute (NRGI) in collaboration with Africa Centre for Energy Policy (ACEP) for civil society organisations and the media.
Executive Director of the African Centre for Energy Policy (ACEP), Benjamin Boakye expressed worry Ghana currently does not have energy transition policy in the midst of global happenings.
He noted pieces of documents exist on Climate Action and Renewable Energy but the country does not have a National energy policy and does not regard energy transition as a potential challenge to upstream oil and gas development.
Mr Boakye urged the urgent need for the country to develop a policy that can provide the pathway for all to speak to and for State Own Enterprises (SOEs) to respond.
He however observed that the Petroleum Revenue Management Act gives the Finance Minister some powers to allocate revenue to new forms of energy but noted the approach has always remain and limited to the extension of convensional energy instead of focusing on research and investment in other sustainable forms of energy.
“Section 21(3) empowers the Minister responsible for finance to allocate oil revenue towards developing alternate energy sources. However, spending in the energy sector has not targeted new forms of energy, rather on extension of convensional energy” he stated.
ACEP urged the need for Ghana to look at where it is are and what suitable for her and take advantage.
He cautioned that major shifts happenings in the world should serve as a guide as we do a wide scan of the options available and develop that space through a plan and a policy that encourages people and businesses to take advantage of all opportunities that are available.
Mr Boakye said opportunities exist for Ghana through the National Oil Company to take advantage of for energy transition in the area of Biofuel including ethanol and diodiesel sources, waste to energy sources such as Industrial waste, crop residues, liquid waste and solid waste.
A recent research conducted by the Natural Resource Governance Institute on Energy Transition on newspapers and radio publications around the world cautioned against the dangers of business as usual by governments and national oil companies like GNPC to respond to the growing risk that their business model within the next two decades. Other research found that governments with oil and gas industries might lose $13 trillion in revenue over the next two decades if the world economy decarbonizes.