By Emelia B. Addae
Somanya (E/R), Sept. 9, GNA – The University of Environment Sustainable Development (UESD) in Somanya and the Friedrich-Ebert-Stiftung (FES) Economic Policy Competence Center have jointly organised a stakeholders’ sustainability conference to address the challenges of debt sustainability and green finance integration.
The event provided a platform for experts and stakeholders from academia, government, financial institutions, and the private sector to share knowledge, experiences, and best practices on issues such as integrating green finance into national development strategies.
The two-day session was themed: “Green finance, debt burden, and sustainable economic transformation: Hopes, Realities, and Dilemmas.”
This year, 2024, marks the fourth year of the stakeholders and sustainable development conference that the UESD has organized. It brought together students, policymakers, academicians, and industrial experts to Somanya.
Contributors delved into the topic of green finance, which offers financial services for environmental protection initiatives like energy conservation, clean transportation, green buildings, environmental education, and green technologies.
The goal of green finance is to reduce pollution, conserve natural resources, and promote sustainable development.
Professor Eric Nyarko-Sampson, Vice Chancellor of UESD pointed out that Africa bears the brunt of climate change, with costs estimated to range between five per cent and 15 per cent of its per capita GDP annually.
An alarming 278 million people on the continent also suffer from chronic hunger, while 250 million live in regions grappling with high water stress.
He emphasised the need to adopt and promote green development through afforestation, and clean and renewable energy development.
However, he highlighted the challenge of funding climate change-related interventions from government sources.
It is projected that Africa needs about US$277 billion annually to fulfill its Nationally Determined Contributions by 2030, despite limited fiscal space for governments.
As of 2023, the annual climate flows to the continent were estimated at just US$30 billion, representing less than 11 per cent of the necessary funding required.
Ms Eunice Asiedu, Programmes Coordinator at FES Economic Policy Competence Centre, emphasized the relevance of agriculture modernization and investment in other sectors in current times.
She pointed out that public financing was not enough, while macroeconomic policies crowd out the private sector, hindering critical investments towards green growth.
The conference discussions resulted in several recommendations, including the integration of green development issues into the curriculum and the provision of support for student involvement.
Additionally, they proposed the training of more individuals in solar power generation technologies and other green energy sources.
They also suggested offering incentives for companies in the green economy, such as tax exemptions, subsidies, grants, and technical support.
Other recommendations involved implementing green socialization for all groups of people, ensuring resources are used for the right purpose with transparent accountability systems, utilizing indigenous knowledge to support agriculture for food security, reducing reliance on agrochemicals, and advocating for policies and practices that support green development by mobilizing the academic community and Trade Unions.
GNA