The Chief Investment Officer of Jospong Group of Companies (JGC), Mr. Noah Gyimah, has emphasized the need for capacity building in carbon financing.
At a side event panel discussion during the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) on November 14, 2024, he highlighted the crucial role of capacity building in carbon financing for developmental projects.
The session was titled “New World of Carbon Markets: The Potential of Existing Infrastructure and the Impact of Investments in the Green Economy.”
“Developing capacities in both the private and public sectors is essential for understanding which projects attract carbon financing,” he noted.
He cautioned that “if that is not done, it becomes a matter of just talking about climate change without understanding what it takes to commercialize these activities and attract capital.”
The COP29 opened in Baku, Azerbaijan, on Monday, November 11, 2024, with a pressing call for world leaders to agree on an ambitious new global climate finance goal.
The two-week COP29 conference (November 11-22, 2024) will focus on several key thematic areas, including the World Leaders’ Climate Action Summit, finance, investment and trade, energy and peace, relief and recovery, and science, technology, and innovation.
Mr. Gyimah took the opportunity to share Jospong Group’s success story of securing $20 million from the Swiss Government, with the support of the Ghanaian Government.
“This was made possible through a combination of technical expertise from scientists together with sustainable finance experts to calculate carbon emissions and convert them into a financial model,” he explained. “For example, if I am able to remediate a certain amount of CO2, it corresponds to a specific sum of dollars.”
He also highlighted the importance of capacity building in project finance, data collection, and technology integration.
“These capacities are yet to be built, so for Ghana to truly reach that apex and attract capital, it is vital that we build the capacities of people to understand project finance, proper documentation, and the data systems needed to prove the importance of our work,” he said.
Mr. Gyimah emphasized the role of technology, such as AI, in simulating data and optimizing waste management.
“All of these are data-driven; if you claim that you are going to remediate 1.5 metric tons of CO2 and process a certain amount of waste, I need to have data to prove it.”
On waste segregation, he noted, “Waste segregation starts at the source, and there is a need for separate bins.”
He suggested policy initiatives, such as subsidized bins or buyback programs, to encourage proper segregation.
Jospong’s innovative approaches include waste segregation, recycling, organic fertilizer production, and transfer loading stations.
“Those investments that we made closer to the people help us aggregate the waste, enabling us to have a first line of treatment that facilitates recycling at our recovery plants.”
Mr. Gyimah concluded, “Individuals, governments, and the private sector must work together to reduce carbon emissions. By building capacities and leveraging technology, we can unlock capital and create a sustainable future.”
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