Advancing Towards Green Economy: An Assessment Of Private Sector Led Initiatives In Climate Change Adaptation In Ghana

Abstract

The study examined the private sector led initiatives on climate change adaptation in Ghana. A paramount message of the study is that, community and social risks of climate change challenges are also business risks. The fact that government cannot fight climate change all by itself requires the involvement of other relevant stakeholders of which the private sector is a part. Many studies have focused their attention on private sector mitigation initiatives and opportunities in climate change hence it was imperative to focus the attention of the study on private sector participation in climate change adaptation. The objective of the study was to assess the various private sector initiatives on climate change adaptation and green economy and also to examine the various incentives and challenges faced by the private sector. An exploratory study design of qualitative research method was adopted for the study. Due to the objectivity of information required for the study, a purposive sampling technique was employed. Data for the study was collected through in-depth interviews with an unstructured interview guide. A total of twenty-four respondents were engaged in the study. The study found out that climate change adaptation initiatives are not well mainstreamed in the private sector. Findings indicated that most companies’ involvement in climate change activities was predominantly carried out through corporate social responsibility (CSR). The study further revealed that government incentives for private sector investment in climate change adaptation are not attractive. The study identified the challenges of private sector investment in climate change adaptation to include; financial challenges, poor knowledge base, weak collaborative effort, inadequate incentive, absence of clear-cut government policy and unsatisfactory recognition. Findings from this study advocates for a collaborative effort among stakeholders to address the immediate to long-term consequences of climate change through partnerships. The study further recommends enhancement of climate change education across all sectors