President Nana Addo Dankwa Akufo-Addo has urged the developed world to redeem the $100 million annual pledge made to help developing countries fight the scourge of climate change.
Delivering Ghana’s statement at the ongoing United Nations Climate Change Conference in Egypt on Tuesday, President Akufo-Addo expressed worry about the climate adaptation costs that currently outstrip the international public finance flows.
According to the President, “we must, as a matter of urgency, mobilise and scale up adaptation finance inflows, to ensure that vulnerable countries can meet their adaptation needs.”
He said it was critical in that regard that developed nations make good its long-delayed pledge to mobilise and make available $100 billion annually to poorer countries to assist in the fight against climate change, “and commit, as agreed at COP 26 in Glasgow, to doubling resources for adaptation.”
Thirteen years ago, at the United Nations climate summit in Copenhagen, the rich nations of the world promised to channel US$100 billion a year to developing countries by 2020, to help them adapt to climate change, and mitigate further temperature rises.
President Akufo-Addo said the extreme climate occurrences, such as severe precipitation and floods, prolonged drought and heat waves were happening all over the world, both in the developed and developing worlds.
“Climate change is a global emergency and Ghana calls on all Parties to act with equity and a sense of responsibility,” he said.
Africa, for her part, President Akufo-Addo stated, must commit herself to resolving the issue of climate change by implementing ambitious measures within her reach.
With Africa’s vast land, the continent has the greatest potential to help decarbonise the world by absorbing carbon dioxide through regenerative agriculture, which requires fewer fertilisers and reforestation with strong biodiversity content.
He said the government has announced the launch of projects in these areas that would tackle, among others, climate change at global and domestic levels and social issues, by providing people with dignified and sustainable jobs.
Ghana has launched its Energy Transition Framework and is co-Chair of the Forest Climate Leaders’ Partnership with the United States of America.
President Akufo-Addo expressed delight at the announcement made by the IMF Managing Director, Kristalina Georgieva, on the operationalisation of the Resilience and Sustainability Trust (RST), to help vulnerable countries meet their long-term challenges.
He called for a “radical restructuring of the global financial architecture”, as proposed by the African Finance Ministers, to accommodate the demands of developing nations, adding: “it is evident that with these poly-crises that it is not fit for purpose.”
“I also urge those who hold African debt to commit to debt-for-climate swap initiatives,” the President stated.
President Akufo-Addo said, “as far as an adaptation to climate change is concerned, nothing can happen without Africa.”
He said with its vast, arable land, vibrant youth with a deeply rooted sense of innovation, Africa has a massive role to play.
“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.