President Nana Addo Dankwa Akufo-Addo has called for the developed world to fulfil a thirteen-year-old commitment to provide $100 billion annually to assist developing countries in fighting the scourge of climate change. He has called climate change a “global emergency” and made the statement while addressing the nation.
On Tuesday, November 8, 2022, President Akufo-Addo delivered Ghana’s national statement at the ongoing United Nations Climate Change Conference, also known as Conference of the Parties of the UNFCCC, or COP27. He lamented the fact that current international public finance flows are not keeping up with the costs of climate adaptation.
According to the President, “we must, as a matter of urgency, mobilise and scale up adaptation finance inflows, to ensure that vulnerable countries are able to meet their adaptation needs.”
He continued, “It is critical, in this regard, that the developed world makes good its long-delayed pledge to mobilise and make available one hundred billion dollars ($100 billion) annually to the poorer countries to assist in the fight against climate change, and commit, as agreed at COP 26 in Glasgow, to doubling resources for adaptation.”
It will be recalled that thirteen (13) years ago, at a United Nations climate summit in Copenhagen, the wealthy nations of the world committed to providing US$100 billion annually to developing nations by 2020 in order to aid them in adapting to climate change and preventing further temperature increases.
President Akufo-Addo remarked that both industrialized and developing nations are experiencing extreme weather events like lengthy droughts, heat waves, and heavy precipitation and floods.
“Climate change is a global emergency, and Ghana calls on all Parties to act with equity and a sense of responsibility,” he said.
The President emphasised that Africa must commit to addressing the issue of climate change by enacting bold policies that are within her power.
He claimed that due to its extensive landmass, Africa has the greatest potential to contribute to the decarbonization of the planet by absorbing carbon dioxide through regenerative agriculture, which uses fewer fertilizers, and reforestation with a high biodiversity content.
“My government is happy to announce that Ghana is about to launch projects in these areas, which will tackle, at the same time, climate change at global and domestic levels, and social issues, by providing people with dignified and sustainable jobs, and I am also happy to announce that Ghana has launched her Energy Transition Framework, and is co-Chair of the Forest Climate Leaders’ Partnership with the United States of America,” President Akufo-Addo said.
The announcement by Kristalina Georgieva, Managing Director of the International Monetary Fund, regarding the operationalization of the Resilience and Sustainability Trust (RST), to assist vulnerable countries meet their long-term challenges, was welcomed by the President of the Climate Vulnerable Forum.
Further stating that “it is apparent that with these poly-crises that it is not fit for purpose,” he urged for a “fundamental redesign of the global financial infrastructure,” as recommended by the African Finance Ministers, to satisfy the needs of the developing nations. I also compel people who own African debt to commit to projects for debt-for-climate swaps.
President Akufo-Addo declared that “as far as adaptation to climate change is concerned, nothing can happen without Africa,” despite the dire circumstances that the majority of the continent currently finds itself in as a result of the COVID-19 pandemic and the Russian invasion of Ukraine. He urged the world to view Africa more positively as “a land of opportunities and growth.”
He said that Africa has a huge role to play with its vast, arable land, lively youth who only want to take their proper position on the global stage, and a strongly ingrained sense of inventiveness.
“It is Ghana’s hope that we will leave this Summit with bold and concrete decisions that will help the world tackle its most pressing challenges, help us achieve our climate goals rapidly, and provide the needed development and prosperity for all the peoples of the world. No one will win if Africa loses”, he said.
