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AfrElec CLIMATE AfrElec
UN’s GCF to fund climate
mitigation in Ghana
SOUTH AFRICA THE UN’s Green Climate Fund (GCF) is to activity was also approved in May 2019, while the
fund nine projects in Ghana to promote climate “Ghana Industrial Energy Efficiency Readiness
change mitigation and adaptation as part of the Support project” was given the nod in September
country’s Nationally Determined Contributions 2020.
(NDCs) scheme. The Programme on “Affirmative Finance
Ghana submitted the proposals to GCF Action for Women in Africa (AFAWA): Financ-
through the Ministry of Finance, the National ing Climate Resilience Agricultural Practices in
Designated Authority (NDA) for GCF, said Ghana” was approved in July 2019 for women
Adwoa Faikue, principal economics officer at in agriculture, while the “Acumen Agricul-
Ministry of Finance. tural Fund” was endorsed in March 2018 for
Some nine others are pending approval by the agribusiness.
fund. The “Arbaro Fund – sustainable forestry pro-
The GCF is the financial mechanism of the ject” got the nod in March 2020 for afforestation
United Nations Framework Convention on with Miro Limited; the “Ghana Shea Landscape
Climate Change (UNFCCC) designed to dis- Emission Reduction” project received the green
burse new and additional resources to support light in September 2020.
developing countries to implement their climate The “Inclusive Green Financing Initiative
change mitigation and adaptation activities. (IGREENFIN)” came on board in February
She was speaking at a climate financing forum 2021.
in Ghana called “Empowering the Private Sector Faikue said the Water Commission of Ghana,
as a key Partner in achieving Ghana’s NDCs in the Environmental Protection Agency, the For-
the Era of COVID-19 and beyond”. estry Commission, Ministry of Energy and the
Private sector players were provided the plat- Apex Bank were involved in the projects.
form to explore opportunities and risks to cli- She said the GCF had different modalities
mate change investment and to identify possible for partners to access funding and that one was
concrete actions that could be taken forward to the “Readiness and Preparatory Support,” which
overcome key barriers, particularly in the era of provided up to $1mn per country per a year.
coronavirus (COVID-19). Out of that amount, NDAs may request up to
Faikue mentioned some of the approved $300,000 per year to help establish or strengthen
NDCs proposals as: drought early warning and the NDA to deliver on the GCF’s requirements.
forecasting system, improving resilience of crops She said Ghana’s NDA had already received
to drought through strengthened early warning approval for a “Readiness and Preparatory Sup-
within Ghana, approved in May 2017. port” and that one of the key components of the
Approval was also given to “strengthening NDA readiness was to support the private sector
national capacities to access climate finance in climate finance-related investment; hence the
through enhanced country strategies and stake- forum to mobilise the sector and show them the
holder engagement” in Ghana in March 2019. investment opportunities.
The “enhancing sector planning and capacity”
P8 www. NEWSBASE .com Week 35 02•September•2021
