CalBank secures US$20m to support green projects

CalBank secures US$20m to support green projects

CalBank has secured US$20million from the French Development Agency (AFD) through Sustainable Use of Natural Resources and Energy Finance (SUNREF) to support green projects in the country.

The bank would be offering loans to companies, organisations, individuals and households who intend to embark on any green projects in their offices or homes.

According to the Managing Director at CalBank, Phillip Owiredu the bank has come to understand the environmental and social benefits of going green and is therefore committed to play an active role in the transitioning from non-renewable energy to green energy.

“We also have partnerships with companies that provide solar project services, where we could finance them and they would provide the services to individuals who need them, and these individuals who are on board will pay within some specific time.

The financing we have is for the broad spectrum of clients, people who want to do small energy efficient projects, corporate bodies who would like to do significant investment in green energy,” he said at a courtesy call on the bank by Harriet Clare Thompson, the British High Commissioner.

“Also, the International Finance Corporation (IFC) has granted the bank US$12.5million for the financing of Renewable Energy (RE) and Energy Efficiency (EE). Customers can assess up to US$3million but can be increased to US$8 million according to project size and eligibility,” he added.

Mr. Owiredu said the bank’s decision is in line with the Sustainable Development Goals (SDGs) 5- Gender Equity, 7- Affordable and Clean Energy and 9 – industry, Innovation and Infrastructure, which the bank aligns it growth too. He said going green is the most effective way of saving money in a strategic way.

For her part, the British High Commissioner to Ghana, Harriet Clare Thompson, lauded the initiative of the bank adding that with such changes and initiatives the environmental impact on the society can be reduced.

“The UK has increased our commitment to international climate finance to about £11.6 billion and we will be investing some into this project. Also, we will identify projects across Ghana that will attract that finance in terms of agriculture, infrastructure, livelihood and investment into sustainable environmental projects,” she noted

She said the UK is committed to working with all countries and joining forces with civil society, Companies and people on the frontline of climate change to inspire action ahead of COP26.

Infrastructure and energy are a major cause of carbon emissions. To keep 1.5oC of global warming within reach, it will be crucial to consider sustainable infrastructure solutions in halving global emissions by 2030.

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