Akufo-Addo urges developed world to redeem $100 billion in climate finance

President Nana Addo Dankwa Akufo-Addo has urged the developed world to redeem a 13-year-old pledge to make available $100 billion annually to help developing countries fight the scourge of climate change.

This is because climate adaptation costs are currently outstripping current international public finance flows.

“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 said on Tuesday when he delivered Ghana’s national statement at the ongoing United Nations Climate Change Conference at Sharm el-Sheikh, Egypt

“It is critical, in this regard, that the developed world makes good its long-delayed pledge to mobilise and make available $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.”

The UN climate change conference, more commonly referred to as Conference of the Parties of the UNFCCC, or COP27, is the largest annual gathering on climate action.

The 27th conference, which follows a year of climate-related disasters and broken temperature records, seeks renewed solidarity between countries to reduce global carbon emissions and deliver actions critical to tackling the climate emergency.

President Akufo-Addo noted that extreme climate occurrences, such as severe precipitation and floods, prolonged drought and heat waves are 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, the President stressed, must commit herself to resolve the issue of climate change by implementing ambitious measures within her reach.

With Africa’s vast land, he stated that Africa has the greatest potential to help decarbonize the world by absorbing carbon dioxide through regenerative agriculture, that requires less fertilisers, and reforestation with strong 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.

President Akufo-Addo was happy at the announcement made by the Managing Director of the International Monetary Fund, Kristalina Georgieva, on the operationalisation of the Resilience and Sustainability Trust (RST), to help vulnerable countries meet their long-term challenges.

He also called for a radical restructuring of the global financial architecture, as proposed by the African Finance Ministers, to accommodate the demands of the developing world is of urgent necessity, saying, “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.”

Whilst urging the world to take a better look at Africa as “a land of opportunities and growth”, despite the dire situation most of the continent found itself in the aftermath of the COVID-19 pandemic and the Russian invasion of Ukraine, President Akufo-Addo stated that “as far as adaptation to climate change is concerned, nothing can happen without Africa”.

He stressed that Africa had a massive role to play in the scheme of things considering the continent’s “vast, arable land, vibrant youth who aspire only to take their rightful place on the global scene, and a deeply rooted sense of innovation.”

“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”, the President said.