In a development for Ghana’s sustainable finance landscape, Dr. Alex Ampaabeng, Deputy Finance Minister, has officially launched the 1st phase of the Ghana Green Finance Taxonomy at this year’s SDGs Investment Fair in Accra.
Themed "Unlocking Green Growth: Financing the Future through Sustainable Investments," the event marked a major milestone in Ghana’s efforts to align its financial system with global sustainability trends.
Speaking at the launch, Dr. Ampaabeng highlighted the significance of the Ghana Green Finance Taxonomy as a crucial framework designed to direct investments into key sectors that will drive green growth and support the country’s broader Sustainable Development Goals (SDGs).
He emphasized that the taxonomy is central to building a greener, more sustainable economy by promoting renewable energy, climate resilience, and sustainable urban development.
"The Ghana Green Finance Taxonomy represents a transformative step in our quest to achieve green growth. It sets the standard for what qualifies as a green investment, fostering transparency and consistency. This will enable Ghana to attract larger-scale sustainable finance," Dr. Ampaabeng stated.
The newly launched taxonomy aligns with the country’s objectives of promoting clean energy, enhancing climate action, and protecting biodiversity.
It offers a structured framework that will mobilize both domestic and international financial resources, allowing Ghana to unlock funding for climate-resilient and sustainable development projects ahead of the 2030 SDGs deadline.
Dr. Ampaabeng noted that the framework will be instrumental in enhancing investor confidence and facilitating access to international finance for green projects.
"This taxonomy provides a clear guide for directing investments towards initiatives that will have the most significant impact on our economic and social development," he added.
As part of his call to action, the Deputy Finance Minister urged stakeholders across government, the private sector, and development partners to collaborate in achieving the shared vision of a sustainable and prosperous Ghana.
The launch of the Ghana Green Finance Taxonomy is expected to play a critical role in fostering sustainable urban development, protecting biodiversity, and ensuring climate resilience through the promotion of clean energy projects.
Dr. Ampaabeng concluded by reaffirming the government's commitment to leveraging this framework as a catalyst for unlocking green growth and driving sustainable investments in Ghana's future.
Delivering a speech on behalf of Chief Director of the Ministry of Finance, Eva Esselba Mends; Director, External Resources Mobilization and Economic Relations Division, Louis Amoo hinted that the fair, which has been running for six years, continues to provide a platform for businesses to thrive, particularly through its Deal Rooms sessions.
These sessions offer webinars and coaching, helping businesses secure investments. Since the inception of the Fair, businesses have raised $330,000 in funding, with cumulative deals worth USD 1.2 million and EUR 70,000, secured through Impact Investment Ghana, the event’s key partner.
He noted that this year’s fair is of special significance as it aligns with Ghana’s strategic efforts to boost SDG implementation and sustainable financing.
With only six years remaining until the 2030 deadline for the SDGs, global leaders have underscored the importance of accelerating financing for sustainable development.
He emphasized that the 2024 Accra SDGs Investment Fair is crucial to Ghana’s response to this global push.
The theme of this year’s event, “Unlocking Green Growth: Financing the Future through Sustainable Investments”, highlights the central role of green finance in driving sustainable development in Ghana.
Mr. Amoo revealed that the Fair also marks the launch of the first phase of the Ghana Green Finance Taxonomy—a comprehensive framework aimed at attracting sustainable investments and supporting the country’s green growth strategy.
“The launch of the Green Finance Taxonomy is a significant milestone in Ghana’s journey towards sustainable development,”
"This framework provides a clear classification system for green activities, ensuring investments are aligned with projects that promote SDG-aligned sustainable development and climate resilience.”
Mr. Amoo further noted that Ghana’s efforts are part of a broader global push, referencing the UN SDGs Stimulus, which seeks to raise an additional $500 billion annually for developing countries to finance SDG-related projects.
The recent SDGs Summit during the UN General Assembly in September 2024 highlighted the urgent need for countries to capitalize on this funding, especially for initiatives focused on climate action, poverty reduction, and sustainable economic growth.
The Ghana Green Finance Taxonomy, Mends said, will serve as a crucial tool in unlocking these financial opportunities, guiding investments into projects that support sustainable development and helping the country build climate resilience.
He encouraged participants at the Fair to engage actively in discussions and workshops that will explore ways to enhance sustainable investments, driving Ghana's transition to a green economy.
Story by: Joshua Kwabena Smith
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