The Strategic Youth Network for Development has advised financial institutions in Ghana to only fund environment-friendly projects to protect the environment as the world grapples with climate crisis.
This achieves the rationale of the ‘No Go Policy’, which explains that banks’ financing policy for projects and programmes may have dire consequences on the sustainability of the ecosystems.
The Focal Point on Biodiversity at SYND, Gifty Elikplim Agbenyefia at a training for journalists in Accra explained that the “No Go Policy is a powerful cross-cutting solution with cross-cutting impacts, as it can simultaneously addresses climate change and biodiversity impacts of a bank’s financing (providing alternate financing opportunities)”.
She explained that the majority of extractive or developmental projects have been funded by banks. The sustainability of the ecosystems may suffer greatly as a result of banks financing policies for projects. Some of these effects are already apparent in rural and urban areas.
Ms Agbenyefia says for a greater impact, the fourth estate must “collaborate with stakeholders to bridge information gap on the policy” as this will influence the financing of projects in protected and endangered environmental zones.
She further added that the ‘No Go Policy will screen out the worst projects based on ill-conceived locations” which threatens biodiversity”.
The Executive Director of SYND, Chibeze Ezekiel challenged the media to use their platforms to hold banks accountable for funding both green and non-green projects.
“It is vital that we take up this challenge and use our voices to create awareness about the significant impact of financial institutions on our planet’s well-being,” he said.
He added that, “let us work together to encourage financial institutions to prioritize funding for environmentally-friendly projects that promote sustainable development and protect our natural resources. By doing so, we can help build a more resilient and sustainable future for generations to come”.
SYND is a youth-oriented NGO, which promotes youth inclusion in the governance of our natural resources and environmental sector. It functions through four thematic areas namely Climate Change, Biodiversity, Forestry and Renewable Energy.
SYND is the convener of the Youth in Natural Resources and Environmental Governance (YouthNREG) Platform. The Platform provides space for learning and sharing among young people working on different environmental actions as well as create opportunity for joint advocacy. The ultimate aim is to promote youth inclusion in the governance of the Natural Resources and Environmental sector.