President Akufo-Addo has said that developing countries are disappointed by the failure of the wealthy nations to honour their commitment of providing $100 billion to assist in the fight against climate change.

The President made this statement at the 2021 COP26 Summit in Glasgow, Scotland, on Tuesday.

The $100 billion pledge made by developed countries dates back to 2009 and was intended to be fulfilled by 2020.

The pledge was to help the poorer countries deal with the consequences of climate change which is mainly caused by the Western countries.

However, according to the latest report from the Organisation for Economic Co-operation and Development, the pledge will not be redeemed until 2023.

This has caused many developing countries, including Nigeria and Ghana, to express their disappointment over the issue.

In a speech delivered at the Summit, President Akufo-Addo noted that "Ghana acknowledges the importance and effect of climate change and the urgent need to combat it. However, we believe that the balance must be struck and maintained between our social, economic and environmental imperatives.

"We are naturally very disappointed by the failure of the wealthy nations to honour their commitments of making available $100 billion annually to the poorer countries to assist us in the fight against climate change and by the unavailability of the technology transfer that will help us find sustainable ways of charting a path out of this existential crisis," he said.

The President noted that, in light of the inability of the wealthy countries to honour this commitment, an equitable solution to the global problem of climate change is imperative.

"We must find a solution that is equitable and fair, a solution that levels the playing field, a solution that recognizes the historical imbalances between the high emittance and low emittance," the President indicated.

He added, "let us use this Summit as the turning point to create a more prosperous greener and fairer world, which maintains the balance between the social, economic and environmental requirement of all nations of the earth, rich or poor".