Expand carbon finance initiatives, UN permanent coordinator urges
4 mins read

Expand carbon finance initiatives, UN permanent coordinator urges

By Kizito CUDJOE

The United Nations (UN) Permanent Coordinator in Ghana, Charles Abani, has highlighted the country’s progress in using climate finance to strengthen climate interventions amid deepening global action to combat climate change.

This is a response to discussions on establishing an energy bank on the African continent.

“Ghana is already making progress in some areas; for example, in carbon financing and tapping into carbon financing opportunities,” Abani said. He stressed the need to “double down on efforts” in this area, building on the successes of the Environmental Protection Agency (EPA) and the Ministry of Science, Technology and Environmental Innovation (MESTI).

EPA and MESTI have been instrumental in creating a framework for financial leverage in this sector. This financial support, according to Abani, will pave the way for Ghana to make the necessary investments to expand this space.

Abani noted, however, that this is a new area and current prices are inaccurate. Therefore, significant efforts are being made to ensure that the value of coal on the continent is properly valued.

The UN Permanent Coordinator in Ghana, who gave an interview on the sidelines of the two-day inauguration EV Revolution Africa E-Mobility Conference and Exhibition in Accra, he stressed the importance of fairness in using the global carbon market.

He opined that “Ghana is evolving towards what we hope will be a clean and green economy” and e-transportation offers a huge opportunity in this regard, while appreciating the efforts detailed in the National Energy Transition Framework (NETF).

He added that to make this possible, a favourable policy environment will be needed, balanced with opportunities to attract foreign investment and create jobs, which will allow for the exploitation of the value chain for local businesses and the use of innovation in the country.

“Beyond politics, we need to attract the right kind of finance, and that will require public-private partnerships (PPPs) — working with the private sector to really see how we create these opportunities, particularly in the industrial value chain around electric vehicles (EVs) and e-transportation.”

He further said the country’s emphasis on technical and vocational education and training (TVET) and science, technology, engineering and mathematics (STEM) education is an important part of building the skillset needed for the e-transportation of the future.

He added that there is a lot of work involved in making the public aware and engaged while ensuring that electric vehicles are affordable for the public and local sectors, which creates huge opportunities across the board.

The ERA E-Mobility conference was organised by the Energy Quest Foundation with the support of, among others, the United Nations, the Ghana Ministry of Energy, the Ministry of Transport and the Ministry of Environment, Science, Technology and Innovation.

The conference was held under the slogan “A New Era: Innovation and Sustainability.” The aim of the event was to promote dialogue between policy makers and stakeholders, as well as to focus on the development of energy technologies through engaging exhibitions and an electric vehicle exhibition (EV experience), showcasing cutting-edge e-mobility technologies.

Deputy Energy Minister John Kobina Aban, also speaking at the event, said the government is investing in key energy infrastructure to promote the use of electric vehicles in the country. He said these efforts are aimed at ensuring the stabilization of electricity supply to promote the widespread use of electric vehicles across the country.

Recall that Vice President Dr. Mahamudu Bawumia has announced plans to import 100 electric buses by the end of the year. This forward-looking initiative aims not only to reduce carbon emissions and transportation costs, but also provide hope in the fight against climate change.

Electric buses have a reputation for delivering economic and long-term environmental benefits, contributing to global efforts to combat climate change.

Energy Quest Foundation founder Lesley Arthur, who also spoke at the ERA E-Mobility Conference, noted that the platform was created, among other things, to engage with issues related to e-mobility and aims to stimulate the development of the sector.

“Our job is to make sure that Africa doesn’t get left behind, this time, in this completely new initiative and industrial development,” she said. In addition, the revolution aims to truly develop the industry so that the continent can enjoy the benefits that come with it, while contributing to efforts to reduce carbon emissions.