Exploring climate change investment initiatives and funding challenges among faith-based organizations in Ghana

Abstract

Motivation

Faith-based organizations (FBOs) have a significant role to play at a time of environmental upheavals, but their ability to mobilize climate funds in sub-Saharan Africa, especially Ghana, remains under question.

Purpose

The study asked three questions: (1) What spectrum of climate change investment opportunities are FBOs seeking? (2) What are the untapped climate change investment opportunities that FBOs can pursue? (3) What are the constraints that hinder FBOs in mobilizing funds to finance these opportunities?

Approach and methods

A qualitative research approach was adopted for the study and 18 FBOs in Ghana were purposively selected as a sample for the study.

Findings

The study uncovered the spectrum of climate change investment opportunities pursued by FBOs in the areas of agriculture and waste. However, there are untapped climate change investment opportunities in the energy and transport sectors. The constraints associated with mobilizing climate finance are ideological differences, knowledge gaps, limited institutional capacity, and bureaucratic bottlenecks.

Policy implications

Climate action funders need to reduce complications surrounding the means of obtaining funding and streamline their funding requirements to suit FBOs. They should also reassess their credibility evaluation standards to help FBOs from being sidestepped due to limited funding track records, despite the promising adaptation and mitigation initiatives they may have to offer. FBOs must upgrade their skills in the climate finance landscape by taking advantage of capacity-building programmes and training that seek to increase their understanding of the climate finance opportunities and requirements of climate funders.