Despite rising global concerns in regard to controlling environmental pollution, particularly in the energy sector, he noted; for example, the quantum of gas that some companies in the upstream oil and gas sector continue to flare contrary to regulations in the country.
But he recognised that the upstream petroleum sector remains a critical revenue source for the economy, having made about US$6.5billion since production began in 2010. He added that it could have been more if the country had developed an entire offshore and onshore basin with local companies’ participation.
Regardless of this, he said, the implications of oil and gas production relate to both upstream and downstream oil and gas sectors. And this requires some proactiveness to address pollution associated with the industry while sustaining the environment.
Mr. Jantuah was contributing to a panel discussion at the maiden Environmental Sustainability Summit organised by the Business & Financial Times (B&FT), and stressed that if no efforts are made – as well as preventing public officials with personal interests from compromising regulations – sustainability of the environment will remain a challenge.
The ESS
The Environmental Sustainability Summit was organised under the theme ‘The Socio-Economic Impact of Pollution on Natural Life’.
Discussions focused on the activities of upstream and downstream oil and gas and their impact on natural life and the environment; and the contributions of oil and gas companies to environmental sustainability.
The Summit, among other things, seeks to create environmental sustainability awareness and explore the socio-economic impact of environmental pollution on natural life.
Director of Operations at the B&FT, Dr. Daniel Anim, said it was meant to draw actionable learning and inspiration, and emphasises the need to ensure environmental preservation.
Global Forest Watch estimates that Ghana has lost a total of 1.41 million hectares of tree cover from 2001 to 2021 – equivalent to a 20 percent decrease in forest cover over the last twenty years, with 740 million tonnes of carbon dioxide equivalent emissions.
The report also indicated that the country’s deforestation rate is high and concentrated in areas of high poverty, with land use changing from forests to agricultural lands and causing close to 92 percent of forest degradation.
Equally, data from the Ministry of Finance indicate that since 1900 Ghana has lost over 8 million hectares of forest cover, with almost one million hectares lost in the last few years.
Since 1960, the average annual mean temperature – according to the finance ministry – has increased by one degree Celsius; the average number of hot days increased by about 13 percent, while the number of hot nights per year increased by 20 percent.
In 2017 alone, the effects of environmental degradation in Ghana, the ministry said, were estimated at US$6.3billion.
Globally, an estimated loss of over 10 million hectares of tropical forests was recorded in 2020 alone.