Scaling up climate change finance in Ghana: The role of religious institutions

Abstract

AbstractThe uncertainty surrounding the possibility of generating sufficient funds from international donors and other public financial resources to support climate action calls for the identification of alternative sources of climate finance options. Ensuring a reliable stream of funds to drive climate action requires the identification of diverse funding channels that can supplement existing ones. Also, in light of the proactive approach required to combat climate change, overreliance on a singular funding source could hinder the achievement of climate‐related goals. This is because the existing sources of funding from the central government, local governments, and international agencies remain insufficient to meet the perceived cost of climate change in Ghana. Through a qualitative in‐depth interview, empirical data was drawn from religious institutions to identify their contribution toward climate finance. The study revealed that religious institutions play a significant role in climate finance due to their advocacy capacity, financial resources, and extensive networks. Funding from religious institutions has also been channeled into stock adaptation projects and public education, and this is evident in the areas of agriculture, waste, energy, water, and the support rendered to SMEs in general. Besides, their engagement in climate finance is also motivated by ethical, theological, and moral considerations. The study, therefore, argues that funding from religious institutions toward climate change adaptation and mitigation initiatives should be seen as a complementary source of funding to climate finance.