The Ghana National Petroleum Corporation (GNPC) has announced the publication of its first environmental, social, and corporate governance report, often known as an ESG report.
The ESG report is a collection of factors to consider when investing in firms that advocate considering environmental, social, and corporate governance issues.
This was stated during a panel discussion at the African Centre for Energy Policy’s (ACEP) Future of Energy Conference (FEC).
Mr. Victor Sunu-Attah, General Manager, Engineering, at the GNPC, revealed this when he joined other panellists to discuss African NOCs’ strategic paths for future energy.
During the discussion, he said three clear issues come up for any commercial enterprise: technology, finance, and the market.
He said the world is currently transitioning, and technology is contributing to the green side of the debate.
He claims that some major universities and research institutions have discontinued oil and gas courses as they migrate towards energy.
‘So it is real, and we see it. If you are already in production, like we are doing with our partners, in the three producing fields, obviously we are making attempts to make sure if you are doing oil and gas, you will do it more efficiently and with consideration towards the environment.’
He stressed that the GNPC and its partners have plans and have implemented strategies to ensure that the environment is protected.
In terms of research, the GNPC is currently operating under the APPLE umbrella and planning to set up research centres across the African continent.
The idea is that technology is transitioning, so if you are going to stay in oil and gas, you have to develop on your own and make use of new technologies in partnership with your partners.
In terms of finance, he advised that we need to harness both domestic and regional capital.
He also revealed that Ghana is currently bidding and lobbying to host the African Energy Bank.
The context that led to the idea of the creation of the African Energy Bank resulted from the recommendations of the study conducted by APPO on the Future of the Oil and Gas Industry in Africa in light of the Energy Transition.
The study identified three major imminent challenges posed by the energy transition in African producing countries, namely, finance, technology and expertise, and market and infrastructure.
The African Energy Bank, it should be recalled, is a joint project of APPO and Afreximbank. As of today, five (05) APPO Member Countries have expressed their interest in hosting its headquarters, namely, in alphabetical order: Benin, Côte d’Ivoire, Egypt, Ghana, and Nigeria.
He underscored the need for private investors to join the capital market, as done in the West.
He said Africa has a large market, and we ought to create our own “market internally”.
About FEC
FEC is a platform for stakeholders within and outside the energy industry across Africa and beyond to discuss effective and practical approaches for fostering sustainable and inclusive development in the energy sector.
These discussions will centre on the African perspective of the energy transition, addressing potential risks and identifying solutions that promote economic benefits.
The conference and its focus on change align with a broader focus on energy sector governance, extending beyond the previous emphasis solely on oil and gas governance. Consequently, FEC is dedicated to critically exploring the energy transition within the African context.
By: Rashid Obodai Provencal/Rainbowradioonline.com /Ghana
