Government of Ghana in partnership with the United Nations Development Programme (UNDP) has started an Investment Forum on Ghana’s Nationally Determined Contributions (NDCs).
The forum took off today, March 18, 2019 at the Accra International Conference Centre and it is part of activities marking the Africa Climate Week from March 18 to 24.
The two-day forum which will discuss ways to crowd-in private sector investment for projects in Ghana that are financially viable, and that also deliver the climate solutions Ghana pledged in its Nationally Determined Contribution.
According to Ghana Minister of Environment, Science, Technology and Innovation (MESTI), Prof. Kwabena Frimpong-Boateng, Ghana needs about USD 22.6 billion investments from domestic and international public and private sources to finance its climate actions.
He noted that 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 to discuss how to mobilize more investment
The forum will be a platform to discuss and showcase proven climate solutions and investment-ready climate action projects to attract support from all relevant stakeholders and mobilize investments for climate action in Ghana.
“Huge investment is required to tackle climate change globally, and this calls for innovative financing especially from the private sector to accelerate climate change adaptation and mitigation actions”, Resident Representative of UNDP Ghana, Gita Welch said.
Discussions at the forum will focus on scaling the need and investment opportunity for Low-Carbon Transition, increasing climate project flow with Innovative Finance amongst other topics.
Stakeholders from international and development organizations, government agencies, civil societies and academia are expected to participate in the forum.
Key speakers will include Minister of Planning, Government of Ghana, Professor George Gyan Baffour, Deputy Minister, Ministry of Environment, Science, Technology and Innovation (MESTI) Patricia Appiagye, CEO of Think Renewables Group, Paul Stevers among others.
The Paris Agreement requests each country to outline and communicate their post-2020 climate actions, known as their Nationally Determined Contributions, which embody efforts by each country to reduce national emissions and adapt to the impacts of climate change.
The Investment forum will allow Ghana’s Nationally Determined Contribution Implementation and Investment Plan which outlines the key actions that Ghana will undertake in the next 10 years to meet its commitment to the global fight against climate change, in line with the Paris Agreement.
The Africa Climate Week will lay the groundwork for the upcoming UN Secretary-General’s Climate Summit scheduled to take place during the 73rd General Assembly in September 2019.
Source: 3news.com|Ghana