British High Commissioner to Ghana, Harriet Thompson, has called upon small and growing businesses (SGBs), particularly green start-ups, to leverage climate finance opportunities.
Addressing the 2023 Aspen Network of Development Entrepreneurs (ANDE) conference held in Accra, the High Commissioner emphasized the importance of sustainable business practices. She encouraged SGBs to tap into climate financing resources as a means to propel their growth.
Thompson pointed out that climate change has evolved into a pressing global concern, prompting governments, international organizations, and private sector investors to acknowledge the necessity of channeling funds into sustainable and climate-resilient ventures. This recognition has given rise to various climate financing mechanisms designed to support enterprises that prioritize environmental sustainability.
She also highlighted the manifold advantages of climate financing, which encompass financial backing for the execution of sustainable projects and initiatives. These projects may include the development of renewable energy systems, adoption of energy-efficient technologies, implementation of waste management solutions, and the creation of green infrastructure.
She, therefore, underscored the importance of SGBs, especially environmentally-conscious enterprises, harnessing the available financial resources to align themselves with the pursuit of Sustainable Development Goals (SDGs) and combat global warming.
She emphasized that while many organizations might perceive climate financing as primarily accessible to large corporations or extensive projects, it is imperative for small and growing businesses to understand that they, too, have access to these funding opportunities.
Pearl Nkrumah, Director for Retail and Digital Services at Access Bank Ghana, echoed these sentiments. She highlighted the crucial role that SGBs, commonly referred to as Small and Medium Scale Enterprises (SMEs) in Ghana, must play. She noted that the bank had committed approximately GH₵500 million to support these businesses over the past few years and expressed the bank’s commitment to continue doing so in the future.
“What we also do with regard to the SDGs is empower women because we believe they have a key role to play; so, we give them the necessary enabling platform to survive and take up leadership positions.
“We believe one of the most important forms of assistance to SMEs is developing the value chain and connecting them to the right network, which we do through capacity building in partnership with other stakeholders,” she said.
Furthermore, climate financing frequently includes technical assistance and capacity-building initiatives aimed at improving businesses’ comprehension and adoption of sustainable practices. This assistance can be instrumental in helping organizations navigate intricate prerequisites and ensure the effective implementation of sustainable projects.
The conference, titled ‘Accelerating Action: Small Business Solutions and the SDGs,’ seeks to highlight the notable advancements achieved thus far and identify the strategies to bolster SGB ecosystems as they work towards enhancing their contributions to the Sustainable Development Goals (SDGs) in the coming seven years.