Energy remains a crucial element in economic development. Over the world, great nations such
as the US, UK, Spain, and China are making huge investments into energy to boost productivity
as well as meet the daily needs of citizens. These investments are a result of the many
opportunities being discovered.
In more recent times, renewable energy has become very topical and relevant in discussing
economic growth and development of which globally, nations are investing. Fatih Birol, the
executive director of the International Energy Agency (IEA) made it understandable that
“renewable energy is no longer a niche fuel”.
This is to mean that its opportunities have
expanded to an extent that can revive and boost economies for better development. There are
many renewable energy sources being tapped into today including solar
Fatih Birol in a statement pointed out that “in many emerging and developing economies,
emissions are heading upwards whiles clean energy investments are faltering, creating a
dangerous fault in global efforts to reach climate and sustainable energy goals”.
It is for this reason that the IEA said that “investment in clean energy in emerging and developing
economies need to rise by more than seven times, topping $1 trillion per year by 2030, to put
the world on track for net-zero emissions by 2050” (Reuters, 2021).
The question is, What Does This Mean for Ghana?
The nation has the chance to turn to renewable energy investment and stand to solve its
economic problems as well as issues of climate change. With the unstable power supply,
investment into this opportunity will to some extent reduce the burden on the national power
This can be done by setting up renewable energy infrastructures such as the mass
installation of solar panels to power communities. By this, some economic problems such as
unemployment can be tackled and productivity can be improved.
The government needs to form long-term partnerships with local firms that are into building these
renewable energy infrastructures. This will go a long way to boosting strengthening the energy
sector. This will ultimately provide jobs and cause the industry to be able to export these
renewable energy infrastructures.
Renewable energy investment currently may be said to be at its early stage(s). It is never late
for government to invest or continue any investment it has started in renewable energy.
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