From R: Oluwaseun David-Akindele, with other banks officials
Access Bank Ghana has participated in the Climate Finance for Sustainable Energy transition in Africa Conference held at the University of Ghana, Legon.
The conference brought together seasoned professionals from across the sub region, who shared insights into pitfalls, potentials and paradoxes of financing sustainable energy transitions in Africa.
Speaking on behalf of the Managing Director of Access Bank Ghana, Olumide Olatunji, Head of Corporate Communications Oluwaseun David- Akindele, said renewable energy in Africa holds immense potential for revolutionizing the continent’s energy landscape, driving economic growth, and combating climate change.
However, he indicated that African countries face significant obstacles in attracting adequate financing for renewable energy projects.
He said, “limited access to capital is a significant challenge African countries face in this pursuit.”
He noted that factors such as the presence of political and economic instability across the continent creates an environment of higher perceived risks, deterring potential investors.
He thus noted that bridging the funding gap for sustainable energy projects in Africa requires a thoughtful exploration of various financial instruments and mechanisms.
“These tools serve to attract investments and channel capital towards the development of renewable energy initiatives on the continent, ultimately fostering a transition towards a greener and more sustainable future,” he said.
One avenue to mobilize funds, he noted, is through the issuance of green bonds, which offer a purposeful investment opportunity for individuals and institutions seeking to support renewable energy projects in Africa.
Oluwaseun said, in 2022, the bank successfully closed its second green bond issuance, raising $50 million. The step-up puttable green bond was issued under the Access Bank $1.5 billion Global Medium-Term Note Programme and is listed on the main market of the London Stock Exchange.
Mr. Oluwaseun alluded to the importance of collaboration between governments, financial institutions, and development partners for effective mobilization and allocation of climate finance.