American billionaire and founder of Bloomberg Philanthropies, Michael Bloomberg, and CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All (SEforAll), Damilola Ogunbiyi, on November 7, 2022 announced an expansion of their partnership to mobilise financing for energy transition in developing countries in Africa, Asia and Latin America.
It is a piece of good news from the COP27 at Sharm El Sheikh, Egypt, where world leaders, the private sector, climate activists, and civil society are currently actively negotiating ways to address the climate crisis, including meeting the target of net zero emissions by 2050.
Bloomberg Philanthropies’ two-pronged strategy is to engage with national and local governments to help them develop energy transition plans and partner with the Glasgow Financial Alliance for Net Zero to mobilise capital for clean energy projects in countries.
Mr Bloomberg, who is also the UN Secretary-General’s Special Envoy for Climate Ambition and Solutions, said progress was needed in phasing out coal plants worldwide, adding that his philanthropy would expand its clean energy development work in Africa.
Ghana’s President Nana Akufo-Addo, Ms Ogunbiyi, and Nigeria’s Minister of Environment Mohamed Abdullahi underscored the need for a just and fair energy transition for African countries.
GHANA’S ENERGY TRANSITION FRAMEWORK
Ghana will “harness the opportunity for a fair and equitable energy transition as the country relies
on carbon-intensive industries for economic growth,” said President Akufo-Addo. He elaborated on Ghana’s newly released National Energy Transition Framework that will serve as a blueprint for “transitioning Ghana into a climate-resilient low-carbon energy country.”
With a price tag of $562 billion, Ghana’s framework’s implementation will last from 2020 to 2070, although it aims to achieve universal energy access by 2030.
The country will decarbonise its energy sector through carbon capture, utilisation and storage technology. In addition, it will increase the use of electric and hydrogen fuel cell vehicles and efficient end-use appliances.
Ghana also hopes to generate financing through engagements with domestic and development and investment banks, pension funds and other multilateral financial institutions.
We seek a “just and equitable transition both in universal access to electricity and the exploitation of our natural resources to support economic development,” according to Ghana’s Ministry of Energy.
Pathway to zero emissions
Ms Ogunbiyi described as timely Blomberg Philanthropies’ support for a just and equitable energy transition across Africa and Asia.
“The pathway to net zero emissions is to target the eradication of energy poverty, especially in my continent Africa,” she insisted, adding that “energy, climate and development must go hand in hand,” said Ms Ogunbiyi.
“Short-term challenges must be addressed but not at the expense of long-term sustainability… the $100 billion promised by the developed world has to come to fruition.”
Ms Ogunbiyi lauded Ghana for demonstrating ambition, like numerous other developing countries have done, by developing and implementing “comprehensive, data-driven and investable energy transition plans.”
Ghana joins a growing list of countries, including South Africa and Nigeria, with just energy transition plans.
Nigeria’s Minister of Environment Mohamed Abdullahi emphasized that to successfully implement energy transition plans, countries most responsible for carbon emissions must take urgent and decisive actions to support countries contributing the least emissions but are disproportionately affected by the climate crisis.
BY KINGSLEY IGHOBOR