High spot electricity prices, particularly in Europe, are changing the utility wind and solar investment narrative as potential payback periods of under a year could start a race to develop renewable assets purely based on project economics, Rystad Energy research shows. Capital investments in renewables have also increased significantly and are set to reach $494 billion in 2022, outstripping upstream oil and gas at $446 billion for the year, according to Rystad Energy research. This is the first time that investment in renewables is set to be higher than for oil and gas.
Of all of the optimistic futuristic dreams, a world of clean, renewable energy to combat climate change is perhaps the closest to realisation, thanks to the growing acceptance of and demand for renewable energy (RE).
The shift from fossil fuels to clean renewable energy as the corner stone to the global energy transition has been at the tip of governments’ policy discussions across Africa and the world, with developed countries investing massively in renewable energy as part of efforts by their respective government’s energy security and climate action goals (ESI Africa, 2021).
General Electric (GE) plans to make major job cuts in its U.S. wind operations and will consider its other markets too as windfarms are proving to be a major expense in the wake of Covid and the Russian invasion of Ukraine. Continued supply chain disruption and the high cost of wind turbines are deterring companies from investing in wind energy, as they look for cheaper alternatives.
Energy is at the heart of the challenges of achieving both the 2030 Agenda for Sustainable Development and the Paris Agreement on climate change.
GHANA is aiming at phasing out petrol, liquefied petroleum gas (LPG) and diesel-powered vehicles by 2040.
Energy experts at the Africa Energy Conference 2022 have advised the African Continent Free Trade Area (AfCFTA) members to come together in order to create a competitive front in nuclear power, which has become the new energy wave for industrialisation.
Under the agreement, GCB and SUNREF will continue to offer competitive loans and technical assistance for structuring green investment to companies, organisations, individuals and households
The “Scaling-up renewable energy Programme (SREP),” is to close Ghana’s 12.8 percent electricity reach deficit by increasing access to clean and reliable energy and support socioeconomic development.