Mobilise funds from within to finance climate action projects – PEF President
Government has been advised consider generating funds domestically to be able to raise the stipulated 22.7 billion dollars in investments to finance its climate project set to start in 2020.
Read full articleNana Osei Bonsu noted that the Private sector was ready to partner government to mobilise capital investments needed for climate action in Ghana.
He further explained that it was important to mobilise the funds from within local structures in order to alleviate the pressure on both the private and public sector.
“Let’s not always look at the most simplified avenues of creating financial resources. Capital mobilization has unique ways through pension schemes and others…. We’ve always been looking for capital coming from foreign directive investors. When they come, they will go, but if we mobilise from within, this is saying permanently and these are resources or funding that are begging for destination for investments…” the President of the Private Enterprise Federation stated.
With the increasing deterioration of climate globally world leaders have arrived at a solution termed as Nationally Determined Contributions (INDCs) which is characterized by each country raising funds to curb the continuous gas emissions destroying the climate.
According Wikipedia, Nationally Determined Contributions (INDCs) is a term used under the United Nations Framework Convention on Climate Change (UNFCCC) for reductions in greenhouse gas emissions that all countries that signed the UNFCCC were asked to publish in the lead-up to the 2015 United Nations Climate Change Conference held in Paris, France, in December 2015.
The intended contributions were determined without prejudice to the legal nature of the contributions.
To celebrate the Africa Climate week, the United Nations Development Programme in partnership with the government of Ghana is hosting an Investment Forum on Ghana’s Nationally Determined Contributions (NDCs) from 18th to 19th March 2019 at the Accra International Conference Centre (AICC).
Speaking about the forum, Prof. Kwabena Frimpong-Boateng, Minister of Environment, Science, Technology and Innovation (MESTI) revealed that;
“Ghana needs about USD 22.6 billion investments from domestic and international public and private sources to finance its climate actions, starting from 2020. About USD 6.3 billion is expected to be mobilized from domestic sources and USD 16.3 billion will come from international support and this is the best time for us to discuss how to mobilize more investment”.
