Standard Bank has mobilized sustainable finance of over $3 billion this year to advance green and renewable energy initiatives across Africa, thereby driving sustainable growth and energy independence throughout the continent.
This was disclosed by Sydney Nii Ayitey Tetteh – Executive Vice President, Energy & Infrastructure, Client Coverage, Corporate and Investment Banking at Stanbic Bank Ghana, at the 13th Ghana Economic Forum held at the Movenpick Ambassador Hotel in Accra.
Speaking on a panel discussion on the topic, ‘Sustainable Energy Financing and Distribution: Key to Driving Economic Activities and Growth,’ the Stanbic Bank Executive noted the critical role of sustainable energy financing in driving economic growth.
He highlighted the increasing importance of green financing as Ghana’s energy sector shifts towards sustainability.
He noted that, “At Stanbic Bank, we are committed to supporting the energy transition through innovative financing. We do this because of our purpose as a bank, which is “Africa is our home, we drive her growth and investing in sustainable energy is just one way we are making that happen.
In 2023, Standard Bank, our parent company, mobilized $2.7 billion in renewable energy initiatives across Africa and this year, we are investing over $3 billion.
Specific areas targeted included solar and wind project, energy efficiency, electricity distribution networks, green buildings, carbon finance and climate change adaptation.”
Nii Ayitey Tetteh encouraged policymakers in the energy sector to sanitize the sector to attract more investment. He said’ “Investors will always be reluctant to put money in a sector that seems unstable and saddled with huge legacy debts.