Finance Minister and Chairperson of the V20 Group, Ken Ofori-Atta, has called for a paradigm shift in climate financing and the adoption of innovative policies to bolster climate resilience across the continent.
In a keynote address delivered on his behalf at the Africa Climate Summit recently held in Nairobi, Kenya, Mr. Ofori-Atta highlighted the urgent need for African nations to access climate finance and develop strategies that would not only mitigate climate change but also enhance their capacity to adapt to its impacts.
"Climate change poses an existential threat to our continent, and it demands innovative solutions and immediate action," emphasized Mr. Ofori-Atta.
"For all climate-vulnerable developing economies to be eligible to obtain climate finance, including Small Island Developing States (SIDS) and Least Developed Countries (LDCs), among others, we need a transformative approach”, he added.
The Finance Minister stressed the importance of multilateral financing, calling for a tripling of available resources for institutions like the World Bank's International Development Association (IDA).
He argued that increased financial support would be essential to drive ambitious economic and financial strategies, focusing on climate-resilient and low-emission development.
"Tripling multilateral financing, including contributions to IDA and other channels, can be a game-changer," Ofori-Atta said.
"These funds will fuel the development of climate prosperity plans and other positive climate actions in Africa”, he added.
He underscored the critical role of innovative policies in facilitating climate resilience. He also proposed comprehensive policy reforms, capacity building, and technology adoption to empower African nations to develop, monitor, and report on carbon credit projects effectively.
Finally, Mr. Ofori-Atta urged African nations to unite and take bold steps towards securing climate financing and implementing innovative climate resilience strategies.
He emphasised that collaboration, innovation, and immediate action were crucial to securing a sustainable future for Africa and its people, in the face of the climate crisis.
Latest Stories
-
Geisha Soap celebrates Mother’s Day with weekend of activities
50 seconds -
BoG governor calls for more investment in fintech space
7 mins -
Shlomit Sufa: Independence – From mourning to hope
19 mins -
CBG commissions Sickbay Project at Berekum
24 mins -
Wilmar Africa’s Alife Soap brand celebrates mothers at Komfo Anokye Hospital
32 mins -
Newmont supports Korle-Bu Teaching Hospital Children’s Ward with medical consumables
32 mins -
Trading Atlantic Lithium shares on GSE a historic event in Ghana’s mineral resource exploration – Lands Minister
38 mins -
Provident Insurance prioritises customer service as it trains over 100 staff, strengthens digital agenda with Obaa Yaa
45 mins -
We need your support – LOC Chairman for CAA Region II championships
46 mins -
Cedi can only stabilse temporarily but will keep on depreciating – Prof Bokpin
54 mins -
Fast-rising rapper Crytical talks perseverance on new single ‘Borkor Borkor’
58 mins -
Fidelity Bank Ghana denies GH¢3.6million disappearance from KMA Project Fund
1 hour -
Motor rider, pillion killed in ghastly accident in Eastern Region
1 hour -
Nigeria Football Federation outdoor Finidi George as new head coach
1 hour -
Mohammed Salisu’s Monaco back in Champions League for first time since 2018/19 season
2 hours