Dr. Peter Dery, Director of Environment at MESTI
The Director of Environment at the Ministry of Environment, Science, Technology, and Innovation (MESTI), Dr. Peter Dery, has emphasised the positive impact of the recently launched Green Finance Taxonomy on Ghana’s strategy to mobilise resources for green investments.
Speaking at a meeting held on the sidelines of the ongoing COP 29 Summit in Baku, Dr. Dery praised the Ministry of Finance for spearheading the initiative, describing it as a critical tool to combat greenwashing — a practice where entities make false or misleading claims about the environmental benefits of their products or actions.
"This will prevent greenwashing, which is why the Ministry of Environment, Science, Technology, and Innovation fully endorses this initiative," Dr. Dery remarked.
He further elaborated on how MESTI has encountered and rejected project proposals that were found to involve greenwashing.
He added that rigorous assessments of these projects’ methodologies and baselines revealed discrepancies, leading the ministry to take a firm stance.
According to Dr. Dery, the Green Finance Taxonomy will serve as a foundational framework for revising MESTI’s existing policies and decision-making processes.
"MESTI will use this taxonomy to refine our policies and frameworks, ensuring that green investments in Ghana align with sustainable development goals and attract credible financing," he assured.
Dr. Dery urged institutions like the National Development Planning Commission (NDPC) and other regulatory bodies to implement supportive policies and legislation aligned with the taxonomy.
He stressed that this would ensure effective compliance across industries and prevent deceptive environmental claims.
"To achieve the objectives of the Green Finance Taxonomy, it is essential for regulatory institutions to institutionalise robust policies and guidelines that support industry compliance," he added.
While acknowledging the urgency of addressing climate change, Dr. Dery advocated for a more comprehensive approach to environmental policies in Ghana.
He argued that issues such as pollution and biodiversity loss must also be prioritised.
"Our approach shouldn’t be narrowly defined by climate alone. We need frameworks that address the broader spectrum of environmental concerns, fostering sustainable development across multiple dimensions," Dr. Dery stated.
The Green Finance Taxonomy, launched by the Ministry of Finance, is a classification system designed to identify and classify investments as green based on their alignment with specific environmental objectives and targets.
Its implementation marks a significant step in directing investments toward sustainable and climate-resilient projects.
The Green Finance Taxonomy is expected to play a pivotal role in achieving these objectives, ensuring that Ghana remains at the forefront of sustainable investment in the region.
MA
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