Mobilize internal funds to finance climate action projects – President of PEF

Company News of Monday, March 18, 2019

Source: www.ghanaweb.com

2019-03-18

The government was advised to consider generating funds at the national level to leverage the planned $ 22.7 billion investment to finance its climate project, which is expected to begin in 2020.

Nana Osei Bonsu said the private sector is ready to work with the government to mobilize the investments needed to tackle climate change in Ghana.

He further explained that it was important to mobilize funds within local structures to reduce the pressure on the private and public sectors.

"Do not always look for the simplest ways to create financial resources. Capital mobilization has unique means through pension plans and others …. We have always sought capital from foreign investors. When they come, they will leave, but if we mobilize from the inside, it is always saying and these are resources or funds that beg for investments … ", said the president of the Federation of the company private.

With the global climate deteriorating, world leaders have found a solution called "nationally determined contributions" (INDC), characterized by the fact that each country raises funds to limit the amount of gas emissions that occur. continually destroy the climate.

According to Wikipedia, nationally determined contributions (INDCs) are a term used in the United Nations Framework Convention on Climate Change (UNFCCC) for the reduction of greenhouse gas emissions that all UNFCCC signatories were invited to publish in view of the 2015 United Nations Conference on Climate Change, held in Paris, France in December 2015.

Planned contributions were determined without prejudice to the legal nature of the contributions.

To celebrate Climate Week in Africa, the United Nations Development Program, in partnership with the Government of Ghana, is organizing a forum on investing in Ghana-determined contributions (CND) from 18 to 19 March 2019 to Accra International Conference Center (AICC).

Professor Kwabena Frimpong-Boateng, Minister of the Environment, Science, Technology and Innovation (MESTI) stated that:

"Ghana needs about $ 22.6 billion in national and international public and private investment to finance its climate action, starting in 2020. About $ 6.3 billion is expected to be mobilized from national sources and $ 16.3 billion will come from international aid. the best time for us to discuss how to leverage more investment. "