Private sector invests in Ghana’s climate fight

Private sector investors from various industries have pledged to support Ghana to implement the 31 climate actions contained in its Nationally Determined Contribution (NDC) developed in line with the Paris Agreement...


Private sector investors from various industries have pledged to support Ghana to implement the 31 climate actions contained in its Nationally Determined Contribution (NDC) developed in line with the Paris Agreement.

The implementation of climate actions is expected to contribute to global efforts to combat climate change.

The pledges were made at an Investment Forum organised by the Government of Ghana and the United Nations Development Programme (UNDP) during the Africa Climate Week in Accra.

From 2020, Ghana needs to raise about USD 16.3 billion from multiple international sources including the private sector to finance the conditional climate actions in its NDC plan to be implemented over 10-years, which is estimated will cost the nation USD 22.6 billion.

Panels at the forum discussed strategies to mobilise the needed investments to implement the climate actions, and private sector players at the forum pledged their readiness to support the country.

“The private sector’s interest for climate action is high, and this has already been demonstrated by the sector partnering with government and UNDP to develop a private sector investment guide for the country”, noted Nana Osei Bonsu, the Chief Executive Officer of the Private Enterprise Federation of Ghana.

While discussing practical ways to accelerate private sector investments for projects that deliver climate solutions and financial returns, the panellists highlighted available tools. These include online platforms such as Sustainable Energy Marketplace and ClimatePlace, which function as global marketplaces, connecting project developers and investors, and also the Center for Climate Strategies, which offers training and technical assistance for the development of bankable climate projects.

They also noted the willingness of multilateral development banks, such as the Africa Development Bank to provide financial incentives and de-risking instruments for investors. They recommended that such tools can be explored by Ghana and other countries to make investing in climate change projects attractive to private investors.

The importance of strengthening partnerships for climate action was highlighted by President Nana Addo Dankwa Akufo-Addo, who officially opened the Africa Climate Week.

“Streamlining access to international climate finance to complement national funding will enhance practical ways to mobilise financial resources for the implementation of national climate actions,” noted President Akufo-Addo.

Similarly, speaking on behalf of UNDP, the Acting Resident Representative of the Ghana Country Office, Ms Gita Honwana Welch, described climate change as the “greatest investment opportunity in history”.

She indicated that addressing climate change will provide an unprecedented opportunity to unlock massive economic and social benefits that can help in achieving the SDGs.

“Studies have found that bold climate action could trigger US$26 trillion in economic benefits by 2030 and create over 65 million new jobs,” remarked Ms Welch.

Source: Ghana/ClassFMonline.com/91.3FM



Related Posts

Man gets tens of thousands of birthday calls after sons post his phone number on billboards

Ghana may auction Eurobonds with or without final IMF review

Judge questions 1-yr delay in prosecuting man who set 11-yr-old boy ablaze

Muntari joins Spanish side Albacete on one-year deal

Woman lives with plastic pill packaging lodged in her throat for 17 days

Gyan hopes to be fit for AFCON 2019

I organised a threesome for my wife for her 30th birthday

Facebook removes more pages for misleading activity

Leave a reply
your email address will not be published

Featured Posts

Gyan hopes to be fit for AFCON 2019


$80m GNPC budget cut good – ACEP


Use NIA data in place of voter roll – PPP


Nicolas Cage files for annulment 4 days after marrying girlfriend


Facebook removes more pages for misleading activity


Food poisoning hits Archbishop Porter SHS, 60 students hospitalised


Legalise ganja – Rastas to demonstrate, fight in court


$80m GNPC budget cut good – ACEP


Nicolas Cage files for annulment 4 days after marrying girlfriend


Facebook removes more pages for misleading activity


Legalise ganja – Rastas to demonstrate, fight in court


Facebook removes more pages for misleading activity


Food poisoning hits Archbishop Porter SHS, 60 students hospitalised


Food poisoning hits Archbishop Porter SHS, 60 students hospitalised