New platform to boost climate finance in Ghana
The Ghana Microfinance Institutions Network together with GIZ has launched the Climate Finance Knowledge Hub to provide microfinance companies and climate smart enterprises with a comprehensive e-learning platform that provides specialized training certification and technical expertise in climate finance.
The hub is also expected to create an extensive online directory that connects users to a global network of recognised climate and green finance groups and companies, enabling collaboration.
The platform would also facilitate access to climate funds and simplify the process of securing financing options for green projects.
Speaking at the launch in Accra, the Head of GIZ’s Ghana Private and Financial Sector Support Programme, Dr Christian Jahn, said the platform would serve as a catalyst for change for microfinance institutions and climate-smart businesses across Ghana.
“With its comprehensive e-learning platform, the hub provides an avenue for MSMEs and financial service providers to acquire knowledge in climate mitigation and climate adaptation measures so that they can have the confidence to invest in climate smart businesses by adopting measures that will help protect the environment.
“This hub will place the power of climate-smart financial solutions in the hands of businesses and institutions, offering a comprehensive and user-friendly experience,” he stated.
He said the impact of this initiative was expected to be profound, noting that the knowledge to be acquired through this learning platform had the potential to offer financial institutions a grounded capacity to effectively conduct detailed value chain analysis and risk assessment of MSMEs businesses to make strategic and data-driven decisions when approving credit facilities for climate-smart businesses.
To this end, he said the hub could be touted as a sure pillar in the promotion of sustainable financial practices to driving climate innovation forward.
“As we launch of GHAMFIN’s Climate Finance Knowledge Hub, we are reminded of a well- known German saying: "Viele kleine Leute, die in vielen kleinen Orten viele kleine Dinge tun, können das Gesicht der Welt verändern.
“This German proverb reminds us that many small people, in many small places, doing many small things can change the face of the world,” he said.
DBG committed to sustainability
In a keynote address at the launch, the Deputy Chief Executive Officer of the Development Bank Ghana, Michael Mensah-Baah, said the bank was committed to sustainability.
He said the bank was aware that to create economic resilience and accelerate social mobility, it must champion the importance of sustainability in an economic transformation.
As a result, he said DBG was supporting the government in meeting Ghana’s Nationally Determined Contributions (NDCs) which includes reducing greenhouse gas emissions by 15 per cent by 2030; increasing the share of renewable energy in the national energy mix to 20 per cent by 2030; and enhancing education, public awareness, and institutional capacity to support climate change mitigation and adaptation efforts.
“At DBG, sustainability is a core pillar of our operations. We have embraced the principles of environmental, social, and governance (ESG) criteria, aiming to promote long-term economic growth while minimizing negative impacts on the environment and society.
“DBG has taken significant steps in embedding sustainability into its practices, from partnering with the UN Global Compact to scaling climate finance through green taxonomy and providing technical support to businesses in identifying green opportunities,” he stated.