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Business News of Tuesday, 6 July 2021


Energy expert lists key policies needed for renewable energy

Over $5.6 billion have been slated to invest in renewable energy Over $5.6 billion have been slated to invest in renewable energy

• An energy expert has said much effort must be invested in renewable energy

•He said the country needs to look at subsidising tariffs, tax credits to help achieve the transition of the renewable energy

•About US$ 5.6 billion is being invested in Ghana’s green energy project

Energy Expert, Theophilus Addai Mensah, is urging government to implement some key policies if the country is to fully enjoy benefits of renewable energy.

According to him, renewable energy has positive characteristics that will help protect the environment and address some economic challenges hence the need for the country to invest in energy transition.

“Key benefits which are associated to energy transition is the induction of greenhouse gas emission, second is the enhancement of energy security and energy security will off course enhance economic development, third on the list is elimination of injustice, fourth on the list is creation of sustainable green jobs and finally reduction of air-pollution.”

According to Mr Mensah in an interview with Joy News, “Energy transition is actually the way to go but more importantly for countries like Ghana and other sub-Saharan African countries. But for Ghana to be able to achieve a high share of renewable in the power sector policies such as feeding tariffs, subsidies, tax credits on renewable energy technologies are needed.”

Energy transition is the migration from the present fossil fuel to a fully renewable energy system. Renewable resources include biomass energy (such as ethanol), hydropower, geothermal power, wind energy, and solar energy. Biomass refers to organic material from plants or animals.

Ghana’s primary energy supply is largely dependent on petroleum, biomass and hydro. In 2015, oil contributed 44.48% to primary energy supply, followed by biomass 37.87%, hydroelectricity 5.27% and natural gas 12.38%.

Thus, governments have, over the years, declared efforts to make use of solar energy in the country but all efforts seem to be delaying.

Recently, the Akufo-Addo-led government, in its efforts to achieve the green energy initiative, has started the planting of some five million trees across the country.

This is to help fight climate change and achieve the UN sustainable development goal 13.

However, a 98-page document titled Ghana Renewable Energy Master plan disclosed that the country is investing about US$ 5.6 billion in the master plan, with more than 80% coming from the private sector with an estimated US$ 460 million investments which will be implemented over a 12-year time-space from 2019 to 2030.

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Nominations are unlimited and end on August 31, 2021.

Below are the seventeen categories and their criteria to guide your nominations.