During the presentation of the 2024 Budget Statement to Parliament on Wednesday, Finance Minister Ken Ofori-Atta revealed that the Ministry of Finance is in the process of setting up a Climate Financing Division. This initiative aims to enhance coordination at the national level and accelerate Ghana's advancement towards climate resilience.
The newly established division is expected to play a crucial role in supporting Ghana's fulfillment of its international commitments by effectively implementing the country’s Nationally Determined Contributions to combat climate change.
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Ghana has been actively advocating for a climate-resilient global financial architecture and has also expanded its efforts in mobilizing climate finance. Minister Ofori-Atta highlighted that at the 2023 IMF/World Bank Group Annual Meetings, Ghana secured essential financial support for its climate adaptation and mitigation measures. This included $54.5 million to launch the Ghana Shea Landscape Emission Reduction Project (GSLERP) in partnership with the Green Climate Fund. Additionally, Ghana successfully earned $4.8 million by reducing one million tons of carbon emissions through forest conservation and degradation prevention, with an additional $45 million expected by the end of 2024.
Furthermore, the government has entered into six agreements with Switzerland, Singapore, Sweden, and South Korea, as well as various public and private entities, aligning with Article 6 of the Paris Agreement. Minister Ofori-Atta emphasized Ghana's leadership role as Chair of both the Climate Vulnerable Forum (CVF) and the Vulnerable Twenty Group (V20), attributing this to the collaborative efforts of the Ministries of Finance, Environment, Science Technology and Innovation, and Foreign Affairs.
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He noted that Ghana's influence in global climate discussions has not only elevated its international standing but has also championed the interests of climate-vulnerable nations. Under Ghana's leadership, the CVF and V20 have been instrumental in advocating for enhanced climate finance and stronger commitments from developed nations to address the threats of climate change.
Minister Ofori-Atta stressed that Ghana's advocacy for a reformed global financial system underscores the country’s dedication to fostering a future where climate-resilient growth and sustainable development take precedence. He emphasized that by championing the needs of developing countries in the face of climate change, Ghana aims to pave the way for a world where nations not only survive but thrive.
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He concluded by emphasizing that Ghana's vision for climate resilience is not just an environmental imperative; it is a roadmap to enduring prosperity and stability for developing countries worldwide, ensuring that they are equipped to confront climate challenges while progressing toward a sustainable and prosperous future.
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