Dr. Peter Dery, Director of Environment at the Ministry of Environment, Science, Technology, and Innovation (MESTI), has emphasized the significant role the newly launched Green Finance Taxonomy will play in Ghana’s efforts to mobilize resources for green investment.
Speaking at a meeting organized by the Ministry of Finance during the ongoing COP 29 in Baku, Dr. Dery praised the initiative, highlighting its potential to prevent greenwashing.
He expressed MESTI’s full endorsement of the project, stating, “This will prevent greenwashing,” and commended the Ministry of Finance for taking the lead.
Greenwashing refers to misleading claims about the environmental benefits of a product or service, often allowing companies to continue harmful practices while deceiving consumers who are environmentally conscious.
Dr. Dery also cited several instances where MESTI had rejected project proposals after thorough assessments revealed clear examples of greenwashing, underscoring the importance of integrity in the green finance sector.
“So MESTI will use this Green Finance Taxonomy launched by the Ministry of Finance to revise existing policies and frameworks to guide our selection for green investment in Ghana and help reform our own architecture towards attracting green investment” he assured.Tourism packages
He later called on relevant institutions such as the National Development Planning Commission and other regulatory agencies to institutionalise policies and legislations to back the main objectives of the Green Finance Taxonomy to “ensure effective industry compliance and prevent greenwashing”.
Dr. Dery again argued that while climate change issues remain urgent, environmental policies must be broadened to address pollution and biodiversity issues as well.
“Our approach shouldn’t be narrowly defined by climate alone” He stated. “We need frameworks that encompasses all environmental concerns, festering sustainable development across multiple fronts”.
The Ministry of Finance launched the first phase of Green Finance Taxonomy to guide investments towards sustainable and climate-resilient projects.
Green Taxonomy refers to the classification system that helps to identify and classify investments as green based on their alignment with specific environmental objectives and targets.
