IFC pushes banks to finance green building projects nationwide
The International Finance Corporation (IFC) has urged banks in Ghana to expand their lending portfolios to support sustainable building projects undertaken by both the government and the private sector to boost the country’s carbon emissions reduction efforts.
The Senior Country Manager for IFC Ghana, Liberia, and Sierra Leone, Kyle Kelhofer, said financing sustainable construction projects offers environmental benefits and profitable returns on investment for banks.
In an interview with the media at the end of a certification program for some members of the Ghana Institution of Surveyors (GhIS) in Accra, the Senior Country Manager of the IFC said this would contribute greatly to mitigating climate change.
Mr. Kelhofer described buildings and residences, which account for 40 percent of global emissions, as an opportunity for Ghana’s banking sector to contribute to climate change mitigation while expanding their business operations into a growing market segment.
“Green buildings not only improve environmental outcomes but also save your bottom line today and will really save your bottom line going forward, making loan repayments more secure,” he said.
Mr. Kelhofer therefore encouraged all banks and other financial institutions to design loan products for environmentally conscious building projects across the country.
He noted that the Corporation is providing training and capacity-building programs to help financial institutions understand the business case for sustainable building projects.
MR. Kelhofer cited the Corporation’s support for the development of the world’s third-largest rooftop solar installation at LMI Holdings in Ghana as an example of their commitment to sustainable infrastructure investments.
