Private industry players have expressed commitment to partnering the Government to implement its Nationally Determined Contributions (NDCs) to mitigate climate change impacts.
Actors in the private sector said they are ready to explore partnerships through Public-Private Partnerships (PPP) to ensure resources are mobilised to finance the NDCs.
At an investment forum on the NDCs at Africa’s Climate Week ongoing in Accra, Nana Osei Bonsu, the Chief Executive Officer of the Private Enterprise Federation, said the sector was ready to partner and lead in reducing global emissions by embracing innovations.
The two-day investment forum discussed ways to crowd-in private sector investment for projects in Ghana that were financially viable, and deliver the climate solutions Ghana pledged in the 31-national actions to mitigate climate change.
The United Nations Development Programme (UNDP), in partnership with the Government, organised the forum to discuss, among other things, investment opportunities for low-carbon transition, how to increase climate project flow and accelerate private sector investment with Innovative Finance, adapting to climate change resilience, security and finance, and engaging in enterprises to advance the NDCs.
The forum was to showcase proven climate solutions and investment-ready climate action projects to attract support.
Mr Bonsu said the private sector had already partnered the Ministry of Environment, Science, Technology and Innovation (MESTI), the UNDP and other actors in identifying the various sectors where the private partners could explore.
However, he expressed concern about the risks in investing in the NDCs but said if actors were able to reduce those risks and place mechanisms to create returns, they would be comfortable.
“No investor goes into a venture to lose money, so the private sector will definitely undertake and get involved in the investment angles but hope to get their returns,” Mr Bonsu said.
Dr Kofi Bentil, the Vice President of IMANI Africa, said the private sector had expressed a lot of interest in Ghana’s climate actions, with some entering into various partnerships, for instance, to build solar plants under the renewable programme.
Ms Patricia Appiagyei, the Deputy Minister, MESTI, said climate change continued to cause billion-dollar weather-related calamities and destroying vital ecosystems such as forestry and coral reefs.
She said the Government had rolled out various programmes to reduce global emissions, citing the distribution of gas stove to 50 per cent households and the development of solar farms to provide alternative energy sources.
Ghana is also mobilising funds from local and international sources to enable her to gather the 22.6 billion dollars needed to implement the NDCs beginning 2020.
The 2019 Africa Climate Week opened in Accra on Monday, on the theme: “Climate Action in Africa: A Race We can Win”.
The five-day regional event is geared towards implementing the NDCs by Africa to mitigate climate change.
It is being hosted by the MESTI in partnership with the Nairobi Framework Partners, the Environmental Protection Agency and the West African Development Bank.