Ghana launches USD 550 Billion Energy Transition and Investment Plan for Achieving Net-Zero Emissions, Creating 400,000 jobs by 2060

His Excellency Nana Akufo-Addo, President of the Republic of Ghana, launched the country’s new Energy Transition and Investment Plan yesterday during a Global Africa Business Initiative event in New York.

The plan marks Ghana’s commitment to fighting climate change and fostering economic development in tandem. It details a credible pathway for how Ghana can achieve net-zero energy-related carbon emissions by 2060 through the deployment of low-carbon solutions across key sectors of its economy, including oil and gas, industry, transport, cooking, and power.

Ghana’s government intends to use the plan as its main tool to engage the international community and investors for support with its energy transition. All measures suggested in the plan represent a USD 550 billion opportunity for the international community to invest in sustainable development in Ghana. If the plan is achieved in full, it would generate 400,000 net jobs within Ghana’s economy.

The country’s existing Energy Transition Framework previously set a target of net zero by 2070, but this new plan shows Ghana has increased its ambition and is targeting net zero by 2060.

Various sectoral changes and technologies are proposed in the plan. Four main decarbonization technologies – renewables, low-carbon hydrogen, battery electric vehicles and clean cookstoves – would cover over 90 percent of the targeted abatement by 2060.

Without pursuing the plan, under a business-as-usual scenario, Ghana’s emissions are expected to rise from 28 Mt CO2e in 2021 to over 140 Mt in 2050, with the bulk of emissions growth coming from transport, driven by population growth, GDP per capita growth, and vehicle ownership.

By implementing this plan, Ghana and its partners can instead bring the country’s energy-sector-related carbon emissions to net zero, while demonstrating that action against climate change does not need to come at the expense of economic development.

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