Nigeria is betting on green finance to drive its energy transition with the president unveiling plans for a $2 billion climate fund on Tuesday, saying oversubscribed green bonds were proof of investor appetite.
The shift concerns, first, the fact that alternative energy sources have added to rather than replaced oil and gas, and second, that “every major forecaster is revising scenarios, with oil and gas locked in for decades”, Nasser said, saying he hoped the outlook for long-term oil and gas investment had changed for the better.
GreenFaith Ghana, together with KASA Initiative Ghana, collaborated with the Ministry Energy and Green Transition to lead a comprehensive successful engagements with Faith leaders and members of civil society organisations across three key locations in the Western (Takoradi and Ellembelle district) and Central Region (Cape Coast) of Ghana to provide an understanding on Ghana’s frameworks on Energy and Green Transition agenda, how it affects them and the entry points for them especially people faith leaders in these discussions.
After years of public vows to wean themselves off fossil fuels, the world’s biggest oil companies are dusting off their drilling maps and doubling down on exploration.
BRICS also acknowledged that the world is still decades away from giving up oil and gas, especially in its emerging-economy parts. “We acknowledge fossil fuels will still play an important role in the world’s energy mix,” the group said in its joint statement, “particularly for emerging markets and developing economies, and we recognize the need to promote just, orderly, equitable and inclusive energy transitions and reduce GHG emissions in line with our climate goals and observing SDG7, and the principles of technological neutrality and common but differentiated responsibilities and respective capabilities taking into account national circumstances, needs and priorities.”
Appointed by President John Mahama in consultation with the Council of State, the board is expected to deliver on several key priorities: operational revitalisation, accelerated green transition, human capital development, and strengthened public engagement.
Ghana will require approximately $562 billion to successfully implement its national energy transition framework by 2070, according to the Ministry of Energy.
The Energy Secretary told the Three Seas Business Forum – which numerous leaders from the region attended Monday – that western Europe chose the wrong path of expensive “top-down imposition of enforced climate policies.” He argued that renewables investments weigh on growth and boost revenues of foreign companies, and that eastern Europe should pick a different path.
At the COP28 summit in Dubai, nations agreed to move away from fossil fuels.
Natural gas, labeled a “transitional fuel” at the conference, is experiencing a surge that is unlikely to slow any time soon.
Despite having a cleaner image than other fossil fuels, there are still concerns over the environmental impact of expanding the natural gas industry.
Following his participation in this year’s UN Climate Change Conference (COP 28), in Dubai, the African Refiners and Distributors Association Executive Secretary, Anibor Kragha, says ARDA remains aligned with the key outcomes of COP 28 related to a just, equitable, tailored energy transition process that considers the peculiar energy poverty and development requirements of African countries.