The GSE seeks to partner the Ghana Carbon Market Office and all capital market stakeholders
Introduction
• I warmly welcome all of you to our inaugural ‘Ring the Bell for Climate’ event, running alongside COP28. Today’s event is an initiative of the World Federation of Exchanges, where global exchanges, including our own Ghana Stock Exchange, have come together to address the climate change crisis.
• Climate change is one of the most pressing issues of our time. Our Parliament just last week, approved a US$150 million loan from the World Bank to strengthen the resilience of Ghana’s coastal communities to withstand the adverse impact of global warming. A prolonged rainy season across the country this year has had adverse effects on lives and livelihoods.
• Exchanges play a vital role in creating vehicles for capital to be deployed into sustainable development. The GSE has taken key steps to support the channeling of investments and financing into green initiatives, and here I would like to name 4 of them:
1. We launched a Sustainable Bond Market Segment on our fixed income market, where Issuers can list Green and other Sustainable Bonds, to finance projects that generate climate or environmental benefits;
2. We have worked with member exchanges to agree the WFE Green Equity Principles, a global framework for establishing a ‘green’ offering for listed equities;
3. We are promoting use of the GSE’s ESG Disclosure Guidance Manual and building the market’s capacity for adoption of same; and
4. We have advocated for enhanced local ownership in the mineral rights of Ghana’s green earth minerals, such as lithium, resulting in the requirement for Atlantic Lithium to list on the GSE
• But there’s still a lot of work to be done. Ghana’s National Energy Transition Framework, which seeks to decarbonize the energy sector and achieve net-zero emissions by 2070, estimates a financing need of US$562 Billion to implement the Framework.
• The GSE seeks to partner the Ghana Carbon Market Office of the EPA and all capital market stakeholders to thoughtfully develop climate finance and carbon trading vehicles that mobilise domestic capital, and crowd in regional and international capital, to finance our just transition targets.
• Ladies and Gentlemen, today’s inaugural Ring the Bell for Climate event is dedicated to showcasing and celebrating some of the Issuers on our markets, who have implemented bold, innovative, and appropriate technologies that help address climate change.
• Thank you: Benso Oil Palm, Cal Bank and Guinness Ghana Breweries for your leadership and commitment to drive sustainable development. We look forward to your insightful presentations, which should inspire and energise all of us to do more for a better tomorrow.
• On behalf of the GSE’s Council, Management and entire team, I thank everyone who has honoured our invitation to be part of this important meeting.
• I wish us all fruitful and sustainable deliberations. Thank you.
