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UN advocates financing opportunities to scale-up e-mobility innovations

The United Nations (UN) has called for the creation of financing opportunities to support innovators in electric mobility for a scale-up in production to boost Africa’s transition from fossil fuel to green energy.

The UN said achieving energy transition targets would require the expansion and adoption of green technologies, particularly in the transport sector, and encouraged African countries to “get the financing mix right.”

Madam Damilola Ogunbiyi, the Special Representative of the UN Secretary-General Sustainable Energy For All, made the call in an interview on Friday after leading a team of UN officials to visit Wahu Mobility, a manufacturer of electric bike in Accra.

The visit highlighted the first electric bike manufacturing plant in Ghana, supporting inclusive economic growth, climate resilience, and the achievement of Ghana’s 2060 net-zero ambition.

Madam Ogunbiyi said the transport sector “has to be taken seriously” in emission reduction and emphasised the critical nature of innovations that addressed issues in the sector, particularly in urban areas.

The use of petrol and diesel-based technologies were too expensive, she said, and urged Ghana to explore how the adoption of electronic bikes would fit into her entire energy transition investment.

“In Africa, it is also important that we get the financing mix right. In other countries, there have been subsidies for their industry. We must look at what is the cost of financing? How do we get more equity to companies like this so they can work at scale and be competitive with other countries as well,” she said.

The term E-mobility refers to the use of electric vehicles (EVs) and other electric transportation modes to reduce greenhouse gas emissions and air pollution.

This shift is crucial in the global energy transition agenda, which aims to limit temperature rise to 1.5°C above pre-industrial levels.

Ms Valerie Labi, the Chief Executive Officer and Co-founder of Wahu Mobility, said investment in research and development was key to drive e-mobility technology on the continent and cut emissions.

“My hope and my belief is that finally we realise that the time to invest in climate technologies, in electric vehicle is to invest today in research and development, in getting young people into spaces like Wahu so that we can design and take to market innovations that suit our realities,” she said.

Ghana launched her Electric Vehicle Policy at COP28, aiming to encourage EV import and use, with a target of 70 per cent EV penetration by 2045.

The policy forms part of a broader effort to reduce emissions and transition towards cleaner energy.

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