On the 15th of June 2023, the Ghana Climate Innovation Centre’s (GCIC) annual thought leadership symposium, “Incubating Climate Innovation (ICI) 2023,” brought together a diverse group of thought leaders, innovators, policy makers, donors and financial institutions to discuss issues of green, sustainable finance and its policy underpinnings. The theme for the symposium was “Building a Green Economy in Ghana: Policy, Partnership, and Finance” and examined whether the existing financial models, products, and impact investment approaches in Ghana could facilitate the transition to a robust low-carbon economy.
Several key recommendations emerging from the symposium, included the following:
- Policy as a Driving Force: The symposium emphasized the pivotal role of policy in promoting the adoption of sustainable finance.
- Education as a Foundation: Recognizing the challenges such as limited capital availability, insufficient capacity and resources, and lack of awareness, the importance of education was underscored as the initial step in addressing sustainable finance in Africa.
- Financial Institutions’ Responsibility: Financial institutions were urged to move beyond profit maximization and shareholder returns by considering the environmental and societal value of projects and businesses.
- Renewable Energy Promotion: To expedite the transition to a low-carbon economy, it was highlighted that affordable energy should be enhanced through the utilization of renewable energy sources.
Following the symposium, the GCIC organized an ICI post-event deep dive and working lunch on August 31, 2023, aimed at sustaining the momentum generated during the symposium, foster connections, and explore potential collaborations between GCIC, panelists, and speakers from ICI 2023. The meeting also enabled participants to delve into the shared interests, values, and goals , allowing them to build upon the ideas presented during the symposium.
Guests at the event included Valerie Labi, CEO & Co-Founder of WAWU; Naa Atswei Koney, ESG Lawyer at Deloitte; Ruka Sanusi, Executive Director of GCIC, representatives from EY Ghana and GCIC’s professional staff.
During the post-event deep dive and working lunch, discussions centered on recognizing opportunities, acknowledging challenges, harnessing expertise, negotiating policy hurdles, and addressing funding challenges within the climate innovation domain. Ruka Sanusi, the Executive Director of GCIC, emphatically stated, “There are key collaborations and partnerships to be forged with some of you.” Her words underscored the importance of forging strategic collaborations and partnerships with the participants to advance the cause of climate innovation.
Valerie Labi, the CEO and Co-founder of WAWU, brought to light some of the key hurdles faced by entrepreneurs in the climate innovation space. She emphasized the ongoing struggle to access and harness expertise in this field and underscored the persistent funding challenges that significantly impede the progress of climate innovation projects in Ghana. These financial obstacles in turn affect the development of innovative solutions
The ICI post-event deep dive highlighted the real-life challenges of innovative business but also enabled the participants to share innovative ways of addressing challenges around policy and financing. It also highlighted the importance of collaboration amongst entrepreneurs, venture capitalist, policy think tanks and other industry experts. As these collaborative activities are repeated, we anticipate the emergence of more innovative solutions and impactful projects in the collective fight against climate change.
