Banks urged to prioritise funding for environmentally-friendly projects
The Executive Coordinator for Strategic Youth Network for Development (SYND), Chibeze Ezekiel, wants banks and financial institutions to prioritise funding for projects that help to protect the country’s biodiversity.
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“Banks need to consider not only the economic viability and legal status of a given project but its social impact.
Mr Ezekiel made the call at a one-day training workshop organised in Accra to equip journalists on how to report stories on the ‘No Go Policy’, an active campaign plan of SYND in partnership with Friends of the Earth (FoE) United States of America.
“Let us work together to encourage financial institutions to prioritise funding for environmentally-friendly projects that promote sustainable development and protect our natural resources.
By doing so, we can help build a more resilient and sustainable future for generations to come,” he said.
Sustainable measures
He explained that with climate change threatening biodiversity and natural resources, banks can support companies and entrepreneurs to acquire land for agriculture and other projects in a more sustainable way.
He further said by adopting new technologies and investing in green bonds, banks can also demonstrate their commitment towards sustainability and contribute to global climate targets at the same time.
“Banks can also capitalise on funds from governments, under the Green Climate Fund (GCF), which encourages project developers to reduce their carbon emissions or protect local ecosystems,” he added.
Bridging gap
The Focal Point on Biodiversity at SYND, Gifty Elikplim Agbenyefia urged greater action by the banks to help save the environment.
For a healthier impact, she called on the media to collaborate with stakeholders to the bridge information gap on the policy to help influence the financing of projects in protected and endangered environmental zones.
