Ghana is championing the transformation of the Climate Vulnerable Forum and the Vulnerable 20 Group (V20) of Finance Ministers into a permanent Inter-Governmental Organization.
The principal aim is to push for “a ‘Fair Share’ Agenda
to ensure appropriate financing for 29 adaptation, mitigation, and loss and
damage; whilst leveraging our natural resources to raise carbon financing for
accelerated climate action and to ensure that the 1.5-degree Celsius
temperature threshold is not breached,” says Finance Minister, Ken Ofori-Atta,
when he addressed Parliament on the 2023 Mid-Year Budget Review.
Ghana’s President currently chairs the Climate
Vulnerable Forum while the Finance Minister chairs the V20 Group – an organization
of 58 countries with a population of 1.5 billion people in the most affected
climate regions of the world.
According to Mr. Ofori-Atta, Ghana has already developed
a framework for the V20 Climate Prosperity Plan to attract climate investments
from the private sector.
The World Bank estimates that climate change could cost
Ghana approximately 1.7 percent of GDP annually by 2030 if left unaddressed.
To drive foreign direct green investment to benefit
local businesses, the government is working to secure carbon financing to
support its Nationally Determined Contributions (NDCs) and meet its commitments
under the Paris Agreement.
“As part of our efforts to address loss and damage from
climate change, Ghana, as one of the first pathfinder countries, launched the
in-country process for Ghana’s participation in the Global Shield against Climate
Risk and the Global Risk Modelling Alliance.
“These initiatives will enable us to assess
quantitatively our climate risk, design solutions informed by the data and
facilitate access to resources from the Global Shield,” noted Mr. Ofori-Atta.
The government, in partnership with the Green Climate
Fund, has established the Ghana Shea Landscape Emission Reduction Project
(GSLERP) at an estimated cost of US$54.5 million.
The Project will focus on the Shea Landscape and will
address the country’s efforts to reduce emissions from deforestation and forest
degradation (REDD+).
“Additionally, government is implementing the Ghana
Cocoa Forest REDD+ Programme (GCFRP), which covers 5.9 million ha – 79%
off-reserve, 21% on reserve – in seven regions. The programme will benefit 12
million urban and rural residents,” said Ken Ofori-Atta.
Ghana became the second African country after
Mozambique to receive FCPF REDD+ payments in January 2023.
By Kofi Adu Domfeh
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