By Kizito CUDJOE
The global climate finance system remains skewed towards mitigation efforts, with adaptation receiving far less support, climate finance expert, Dr. Jeremy Gorelick, has warned.
Speaking at a workshop in Accra, Dr. Gorelick, the global climate finance lead for the Green Cities and Infrastructure Programme (GCIP), stressed the need for a more balanced approach as climate impacts intensify.
Additionally, he reiterated the increasing urgency of climate change impacts and the need for developed projects to integrate robust climate adaptation measures.
The workshop, organized by GCIP, aimed to validate the blueprint for a Green Project Preparation Facility (PPF), a proposed framework to streamline funding for climate-focused infrastructure.
The event brought together key government of Ghana officials, industry leaders, and financial experts to review the facility’s operational strategy and financial projections. The validation process aimed to gather and incorporate valuable feedback from stakeholders.
Also speaking at the event, the Development Director at the British High Commission, Richard Sandall, expressed excitement at the Government of Ghana’s commitment to climate mitigation and adaptation and reaffirmed the UK Government’s commitment to supporting Ghana in achieving its infrastructure development and climate goals.
“The design of this PPF focused on green infrastructure, is exactly what we think we need,” he stated.
“Ghana faces significant infrastructure needs, particularly in areas resilient to climate change. GCIP is committed to helping Ghana get across those challenges and achieve its climate goals as well as its infrastructure and economic development.”
He further highlighted the challenge of accessing infrastructure climate finance, which is often hindered by low-quality project proposals.
Meanwhile, he emphasised the PPF as a critical solution for preparing bankable green infrastructure projects. While acknowledging that PPFs are not a novel concept, he underscored the importance of tailoring this PPF to Ghana’s specific national context, hence the vital role of this validation workshop.
It was recognized that Ghana has demonstrated a strong commitment to climate adaptation and climate-smart infrastructure. This is evident in its National Energy Transition Framework, which lays out a roadmap for a climate-resilient, low-carbon future.
More recently, the establishment of a Climate Finance Division at the Ministry of Finance further signals the government’s intent to drive green economic transformation.
It is in support of these efforts that the Foreign, Commonwealth and Development Office (FCDO) through GCIP, is tackling the country’s pressing infrastructure and climate challenges.
Ghana, recognised as a GCIP priority country, is leveraging the programme to establish the Green Project Preparation Facility (PPF).
Project Preparation Facilities (PPFs) are specialised entities designed to enhance the readiness of infrastructure projects for investment by providing essential technical assistance. They typically support project development through feasibility studies, technical evaluations, and risk assessments, which de-risk projects and improve their bankability.
Ghana’s Green PPF is designed to provide crucial support for the preparation of bankable green infrastructure projects, ultimately seeking to mobilise climate finance and bridge Ghana’s infrastructure gap.
The discussions throughout the workshop centered on the PPF’s core objectives, including the preparation of high-quality infrastructure projects, the integration of Gender Equality, Disability, and Social Inclusion (GEDSI) principles, and capacity building within relevant sectors.
The workshop also addressed the practical aspects of project preparation, including the development of a pipeline of bankable projects, the time-intensive nature of the preparation process, and ensuring projects deliver social impact.
Through comprehensive project preparation support, the PPF aims to facilitate the development of high-quality green infrastructure projects, guiding them from initial conception to financial close, ultimately contributing to Ghana’s infrastructure and climate goals.
To further promote the delivery of this timely solution, Ghana, with direct support from the UK FCDO’s GCIP, is seeking to engage other development partners to participate in the swift establishment of the PPF.
The next stage of development of the PPF will include a discussion with a broad range of development partners to join the UK in its commitment, building on experiences on similar initiatives in peer countries, to determine the roles that various supporters can play in assisting Ghana to achieve its climate goals and objectives.
