The Head of Corporate Banking at Republic Bank, Mr. Jacob Hobenu, has called on the government and all stakeholders to exert greater pressure on financial markets to drive investments into renewable energy, particularly solar photovoltaic (PV) and wind power.

Speaking at the Brew-Hammond Energy Centre Webinar Series, held in collaboration with the Climate Compatible Group (CCG) on Thursday, 14th August 2025, Mr. Hobenu identified seven key forms of renewable energy critical to achieving net-zero emissions by 2050, with solar and wind playing an instrumental role.

“Solar and wind are very key areas we need to commit to as a country,” he said. “There is the need to commit resources, especially in power generation, where renewable energy presents one of the most significant potentials for growth.”

He noted that renewable energy technology, particularly solar, has become more affordable, creating an enabling environment for large-scale adoption.

“The price of solar has reduced, and the technology has become cheap. Smart grids are equally important because they allow you to maintain existing power generation capacity while leveraging AI and big data to make significant cost savings and redirect power to areas of highest demand,” he said.

Mr. Hobenu highlighted international agreements such as the Paris Agreement as key drivers of renewable adoption. He explained that the milestone under the Paris Agreement where nearly 200 countries reaffirm their commitments to climate action will serve as a turning point for the energy transition.

He emphasised that financial institutions have a critical role to play in anchoring the transition by funding sustainable projects. In Ghana, he pointed to existing frameworks such as the Energy Transition Act and the Ghana Sustainable Banking Principles, which require banks to monitor and identify financial flows linked to environmental impact.

“We have reached a stage where financial regulators are now actively involved in the scheme of things,” he said. “Today, every bank is mindful of ensuring its activities do not adversely influence the environment. When the government creates the right policies and puts the necessary pressure on the markets, banks will finance these opportunities.”

The session ended with a question-and-answer session, where researchers and fellows of the centre explored strategies to boost financing in the renewable energy sector.