CBG urges businesses to leverage Green Finance Taxonomy to access funding

Consolidated Bank Ghana (CBG) is encouraging businesses to utilize Ghana’s Green Finance Taxonomy to identify sustainable investment opportunities and enhance their readiness to access green financing. The bank stresses that environmental sustainability is becoming a crucial factor in business competitiveness, operational efficiency, and access to investment, necessitating that companies incorporate environmental factors into their operations and long-term strategies.

This call was made during a webinar organized as part of CBG’s Sustainability Week 2026, which convened experts from government, the financial sector, and sustainability organizations to discuss how businesses can utilize the framework to guide investment and operational decisions. Richard Addo, Chief Economics Officer and Head of Climate Finance and Environmental, Social and Governance (ESG) at the Ministry of Finance, explained that the Green Finance Taxonomy provides a standardized approach for identifying economic activities that meet established environmental sustainability benchmarks.

He highlighted that the framework can guide financing decisions in sectors such as cleaner transportation, energy efficiency, and other environmentally sustainable investments. The webinar also explored how businesses can capitalize on emerging green financing opportunities. John Akuoko Tawiah emphasized the importance of understanding the requirements for green financing and evaluating business activities against the environmental standards set out in the taxonomy.

He stressed the need to consider the environmental impact of entire value chains, including production processes, material sourcing, products, and services, to identify areas for improvement and demonstrate commitment to responsible business practices. Dr Prince Ansah, Green Country Engagement Lead at Beyond the Science and CDKN, cautioned businesses against making unsupported claims about their environmental performance, stressing that sustainability decisions should be based on scientific evidence and demonstrable environmental benefits.

Dr Ansah also called for making sustainability guidelines and climate information more accessible to small and medium-sized enterprises (SMEs), which often lack the technical expertise and resources to assess climate risks and develop appropriate responses. Tolu Lacroix of the United Nations Global Compact Network Ghana advised businesses to start their sustainability efforts with practical changes in daily operations, such as reducing unnecessary printing, monitoring energy and water consumption, and establishing proper waste separation systems.

He recommended measuring resource use and documenting savings to assess the effectiveness of sustainability measures, which can help identify inefficiencies, improve operational performance, and reinvest savings into other areas. CBG also outlined its own sustainability initiatives, including the installation of solar power systems at eight locations, distribution of reusable water bottles to staff, and the incorporation of environmental considerations into its lending framework and customer onboarding processes to promote environmentally responsible financing decisions.