• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, March 31, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Ghana Needs Over US$562 billion To Attain Its Net Zero Carbon Emission Target

January 27, 2023
Gifty BansahbyGifty Bansah
in Extractives/Energy
0
Ghana Needs Over US$ 562 billion To Attain Its Net Zero Carbon Emission Target

Net- Zero- Carbon Emission

The Executive Secretary of the Energy Commission, Mr. Oscar Amonoo-Neizer, has disclosed that Ghana requires more than US$562 billion to achieve its net zero carbon emission target by 2070.

Mr. Amonoo-Neizer, addressing colleague industry players at PwC West Africa’s Climate Change & Sustainability webinar, themed ‘Post-COP27: Outcomes and next steps’, communicated that the programme was initiated in 2020 and is a long-term framework with an estimated 200 metric tonnes of carbon dioxide target throughout the 50-year period.

“Looking at the amount of money needed, the carbon market implementation will help to alleviate some of the financial burdens to accelerate getting to the goal. This is the same in most African countries.”

Mr. Oscar Amonoo-Neizer

According to the Energy Commission Chief, fossil fuels, especially natural gas will continue to be part of Ghana’s energy mix in the short-term, adding that energy transition could come with challenges, including lower demand in the downstream petroleum sector.

RelatedPosts

BoG: Gold-For-Oil Policy Leads To Almost 50% Reduction In Fuel Prices

Botswana Diamonds Commences Mining in South Africa

Asante Gold Announces $27m Financing, Termination Of Previous Brokered Private Placement

“It is important for the African continent to focus on innovation and diversification to thrive and mitigate the impact of transition.”

Mr. Oscar Amonoo-Neizer

Dr. Muntaqa Umar-Sadiq, Head-Nigeria Energy Transition Office, explained that his country is pitching for an initial US$10billion from international funders to kick-start an energy transition plan.

According to Dr. Umar-Sadiq, Nigeria aims to put itself on a path to achieve net zero emissions by 2060 with an array of strategies including reliance on gas as transitional fuel.

Dr. Umar-Sadiq further disclosed that, a price-tag of US$410billion has been estimated for key strategies to enable Nigeria– a far bigger economy than Ghana – reach net zero by 2060.

Net zero refers to the balance between amount of greenhouse gas produced and that removed from the atmosphere. Net zero is reached when the amount of carbon added is no more than the amount taken away.

Sector Transition To Achieve Net Zero Emission

The President of the Republic of Ghana, His Excellency Nana Akufo-Addo, in a statement disclosed that Ghana recognizes the energy and transportation sectors as key areas in reducing emissions. “Consequently, steps must be taken to transition these sectors towards a net-zero emissions future,” he said.

To attain this, the President divulged that Ghana must transition to the production and utilization of clean energy and the implementation of measures to mitigate any emissions that occur in the process. “This will ensure that Ghana contributes her quota to the reduction of global GHG emissions, and, more importantly, achieve decarbonization, energy access and security, and energy efficiency,” he added

“We have developed National Energy Transition Framework, which is aimed at decarbonizing the energy sector. This is a long-term net-zero framework (2022-2070) expected to complement existing efforts with new measures, such as increased renewable energy penetration, conversion of thermal plants to natural gas and the integration of nuclear power into the energy mix.”

His Excellency Nana Akufo Addo,

His Excellency emphasized with Optimism that Ghana’s transition will be achieved in a just and equitable manner.

“In doing so, Ghana is not oblivious to the need to balance her commitment to net zero, and the urgent need to transform her economy through the exploitation of the natural resources with which she has been endowed. Ghana has discoveries of critical (green) minerals, including lithium and graphite in significant quantities.

“We recognize that the exploitation of these resources for the transition comes with opportunities, and we are determined to extract these resources, and make efficient use of them through value addition to establish Ghana as a hub for electric vehicles and the production of battery technologies.”

His Excellency Nana Akufo Addo

Read Also : Tullow Oil Raises 2022 Free Cash Flow Guidance to US$267 million

Tags: Dr. Muntaqa Umar-SadiqMr. Amonoo-NeizerNet Zero EmissionsPwC West Africa’s Climate Change & Sustainability webinar

Related Posts

BoG: Gold-For-Oil Policy Leads To Almost 50% Reduction In Fuel Prices
Extractives/Energy

BoG: Gold-For-Oil Policy Leads To Almost 50% Reduction In Fuel Prices

March 30, 2023
Botswana Diamonds Commences Mining in South Africa
Extractives/Energy

Botswana Diamonds Commences Mining in South Africa

March 29, 2023
Asante Gold Announces $27m Financing, Termination Of Previous Brokered Private Placement
Extractives/Energy

Asante Gold Announces $27m Financing, Termination Of Previous Brokered Private Placement

March 29, 2023
Newmont Ahafo North Project Sets Aside $14 Million for Resettlement Packages
Extractives/Energy

Newmont Ahafo North Project Sets Aside $14 Million for Resettlement Packages

March 28, 2023
Goldman Sachs Hikes Gold Forecast, Reiterates Bullish Commodities View
Extractives/Energy

Goldman Sachs Hikes Gold Forecast, Reiterates Bullish Commodities View

March 27, 2023
GFL Supports The Call To Make TOR Major Actor In Ghana’s Gold-For-Oil Programme
Business

GFL Supports The Call To Make TOR Major Actor In Ghana’s Gold-For-Oil Programme

March 25, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

Oil Prices Advance for A Second Session In a Row on the Prospects of Chinese Recovery and US Growth

Next Post

Biden Selects Zients As Next White House Chief Of Staff

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
Government Urged To Promote Young Graduates Innovational Projects
Vaultz Business

IAU Appeals To Government To Help Promote Innovational Projects By Young Graduates

by Gifty BansahMarch 31, 2023
Dr William Ackah, a Senior Researcher of Building and Road Research Institute (BRRI), has revealed that the issue of road safety is dependent on the effort of the public in ensuring its roads remain safe.
General News

Roads Ministry Debunks Claims Of Diverted Funds Intended for Afram Plains Bridge Construction

by Angeller AshongMarch 31, 2023
UNESCO Calls on All Governments to Implement Ethical Rules for Artificial Intelligence
Technology

UNESCO Calls on All Governments to Implement Ethical Rules for Artificial Intelligence

by Stephen M.CMarch 31, 2023
Pope Francis To Leave Hospital On Saturday
Europe

Pope Francis To Leave Hospital On Saturday

by Comfort AmpomaaMarch 31, 2023
Ablakwa Pans Minority In Parliament For Akufo-Addo’s Bloated Gov’t Size
General News

Ablakwa Pans Minority In Parliament For Akufo-Addo’s Bloated Gov’t Size

by Sam SamMarch 31, 2023
Redflags Elevated Against Free SHS Policy Unheeded By Gov’t– Angel Carbonu
General News

Redflags Elevated Against Free SHS Policy Unheeded By Gov’t– Angel Carbonu

by Sam SamMarch 31, 2023
Government Urged To Promote Young Graduates Innovational Projects
Dr William Ackah, a Senior Researcher of Building and Road Research Institute (BRRI), has revealed that the issue of road safety is dependent on the effort of the public in ensuring its roads remain safe.
UNESCO Calls on All Governments to Implement Ethical Rules for Artificial Intelligence
Pope Francis To Leave Hospital On Saturday
Ablakwa Pans Minority In Parliament For Akufo-Addo’s Bloated Gov’t Size
Redflags Elevated Against Free SHS Policy Unheeded By Gov’t– Angel Carbonu
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In