Private sector urged to invest in climate action

The Acting Deputy Resident Representative of the United Nations Development Programme (UNDP) in Ghana, Jelena Raketic, has called on the private sector to leverage the Green Climate Fund to increase investment in climate change adaptation and mitigation initiatives.

She made this call at a Private Sector Climate Change Investment Forum organized by the Private Enterprises Federation (PEF), the Economic Strategy and Research Division (ESRD) of the Ministry of Finance, the Ministry of Environment, Science, Technology and Innovation (MESTI) and UNDP, under the GCF Readiness Programme and the Nationally Determined Contribution Support Programme for Ghana.

Ms. Raketic noted that, despite the overwhelming devastating impacts of climate change, it also provides great investment opportunity to transform lives and protect the planet. She called on stakeholders to increase funding to accelerate the implementation of Ghana’s climate change commitments.

“The private sector must play a critical role in addressing climate change, as it provides an unprecedented opportunity to unlock massive economic and social benefits towards the achievement of the Sustainable Development Goals (SDGs)’’, Ms. Raketic added.

Addressing the forum, the Chief Executive Officer of PEF, Nana Osei-Bonsu underscored the need for private sector actors to collaborate and design joint environmentally friendly programmes and projects to enable them access funding from the GCF.

He noted ‘’as private sector, our businesses must adapt to the changing needs of the environment. Let us leverage our collective strengthen to invest in more sustainable projects to change the current course of climate change’’.

In a speech read on his behalf, the Director of ESRD at the Ministry of Finance, Dr. Alhassan Iddrisu indicated that GCF has approved nine funding proposals for Ghana, with nine others pending. He expressed government’s commitment to creating an enabling environment for private sector investment in Ghana’s climate action priorities.

‘’As large-scale investments are required to reduce emissions and to adapt to the adverse effects of climate change, I wish to encourage private sector actors to leverage government’s efforts to mobilize resources and develop innovative climate services’’, noted Dr. Alhassan.

Stakeholders at the forum commended UNDP, Ministry of Finance and PEF for engaging them on the GCF financing processes and pledged to explore ways of taking advantage of GCF to boost investment in climate actions.

‘’The engagement has been very insightful. We have learnt how to develop joint projects and seek funding from GCF. So, we will take advantage of the lessons learnt to mobilize actors in the renewable energy sector to pursue projects that are environmentally friendly’’, said Enoch Yeboah Agyepong of the Renewable Energy Association.

The 2-day forum brought together over 100 stakeholders, including the GCF Private Sector Facility and private sector actors in Ghana, development partners, government agencies, civil society organisations and academia, to unlock opportunities for the private sector in climate financing.