The United Nations Climate Change Conference 2024 also known as COP29 has officially opened in Baku, Azerbaijan. The two-week event from 11th to 22nd November, brings nations together to work towards shared climate goals as outlined in the Paris Agreement.
As a significant player in climate change mitigation and sustainability practices, the Petroleum Hub Development Corporation (PHDC) views COP29 as a vital platform to engage with energy transition advocates and other stakeholders to buy into the landmark project. Deputy CEO in charge of Finance and Administration at PHDC Patrick Nyarko, is participating in this year’s conference in Baku. ‘‘The event presents a great opportunity to explore innovative approaches to environmental sustainability and an opportunity to highlight Ghana’s 20,000-acre Petroleum Hub, Africa’s first strategic energy and economic initiative, to global investors’’.
The PHDC is committed to reshaping Africa’s energy landscape through its flagship project, which includes the establishment of three refineries, five petrochemical plants, and storage tanks, with a capacity of 10 million cubic meters, jetties and port infrastructure. This initiative aims to serve over 1.2 billion people in Africa and beyond. It aligns with Ghana’s comprehensive energy transition plan, positioning the Petroleum Hub as a central component. The PHDC seeks investor partnerships to implement sustainable practices that reduce emissions and promote greener energy in both primary and ancillary operations.
Ghana has targeted 2060 for achieving zero emissions and full reliance on renewable energy, aligning with other African nations as one of the lowest carbon emitters globally.
At COP29, world leaders will emphasize the urgent need to transition to renewable energy, advocating for the swift adoption of sustainable energy practices to mitigate carbon footprints. Ghana’s Petroleum Hub plays a crucial role in this transition, serving as a key energy-generating and petroleum production hub within the African Continental Free Trade Area (AfCFTA). With Africa’s crude oil production capacity of 7.2 million barrels per day, the Petroleum Hub is poised to be an essential part of the continent’s energy strategy.
The Petroleum Hub will revolutionize Ghana’s energy sector and boost economic growth by creating over 780,000 direct and indirect jobs across the country.
PHDC, Connecting Resources, Creating Opportunities.
Below are some excerpts from the meeting
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Ghana Unveils Climate Prosperity Plan at COP29
