Regulators of financial institutions urged to develop policy framework for climate financing
Regulators of financial institutions have been called upon to develop policy frameworks that will support businesses that are promoting climate change initiatives.
This, according to stakeholders will help businesses access more funding to implement various policies in the sustainable development goals.
Speaking at the Ghana Stock Exchange “Ring the Bell for Climate Change”, Executive Director for the UN Global Compact Network, Kweku Lacroix urged investors in the financial sector to pay attention to the Sustainable Development Goals (SDG) initiatives.
Ring the Bell for Climate Change is an annual event adopted by the Ghana Stock Exchange to create awareness on climate change and the SDGs.
This year’s event assembled chief executives of listed firms and some development partners to share success stories of initiatives implemented on climate change.
According to the United Nations Global Compact Network, Ghana, investors in the financial sector can develop basic frameworks that can give easy access to funding for businesses promoting sustainability.
The Executive Director for the network Kweku Lacroix, said the financial sector has the capacity to accelerate the agenda.
“Today’s event is a testament to the transformative power of finance and collaboration. The Ghana Stock Exchange, alongside global counterparts, is stepping forward to address one of the most pressing challenges of our time: climate change”.
He observed that the finance sector has a unique and pivotal role to play in shaping the future.
He stated that capital markets hold the power to drive sustainable change.
“But this is more than a financial responsibility—it is a moral obligation” he said.
The Deputy Managing Director for the Ghana Stock Exchange, Frank Berle in a keynote speech underscored the importance of the event in supporting Ghana’s climate change agenda.
“The Ghana Stock Exchange is very much committed to supporting climate-friendly developments and this is what has inspired us in collaborating with the World Federation of Exchanges once again and joining other global exchanges to organize the 2nd Ring the Bell for Climate event, which is running alongside COP29 this year,” he said.
Some basic students used the occasion to exhibit various products manufactured from recycled waste materials as another way of preserving the environment.
The largest rooftop solar project by LMI holdings at the Freezones Enclave in Tema was also displayed as the biggest renewable energy project in the country.