Business News of Monday, 18 March 2019
Source: www.ghanaweb.live
2019-03-18Private sector will not fund projects that destroy the climate – Alhassan Andani
play videoPresident of the Ghana Association of Bankers, Alhassan Andani
President of the Ghana Association of Bankers, Alhassan Andani, has said private investors will not support industries whose activities continue to destroy the climate.
Ghana, and the world at large have in recent years experienced climate changes which pose a fundamental threat to the places, species and people’s livelihoods. Unsustainable exploitation of the natural world threatens food and water security
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According to the Stanbic CEO, most of the difficulties with climate change has been created by industrialized countries adding that climate change damage is directly correlated into industrial development and the search of resources to feed industrial development.
For corrective measures and the fight against climate change, he stated that there is the need for financial institutions to check into detail the risks involved in activities by companies who solicit funds to carry on with their projects.
“For us in the private sector what binds us is whether our clients who are going into all sorts of activities – manufacturing, services. Whatever it is, the impact of that activity on the climate is studied in detail and if there are risks which can be remedied, fantastic. If they are risks that cannot be remedied as I said we will not fund those kind of projects. So private sector, we will carry on with what we have to do in the fight against climate change.”
Alhassan Andani explained that the private sector has a responsibility to its shareholders aside the communities with which they work hence the need to take such an initiative.
Mr Andani made his contributions at the Investment Forum on Ghana’s Nationally Determined Contributions (NDCs) from during the Africa Climate Week, which is slated from the 18th to 22nd March 2019 at the Accra international Conference Centre.
The two-day forum 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.
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.
