Climate Prosperity Plan to drive support for climate vulnerable economies – Ofori-Atta

Minister of Finance, Ken Ofori-Atta has called on investors and the private sector to collaborate with Vulnerable Twenty (V20) members in exploring how the business community can best mitigate the impacts of climate change on developing and vulnerable economies.

According to him, developing countries in particular remain the most vulnerable to climate change and therefore require the needed support and investments toward mitigating risks.

In a statement issued ahead of the organisation of the Climate Prosperity Plan event which is expected to take on March 29, Ken Ofori-Atta who is also V20 Chair said, “V20 countries recognize the need to develop economy-wide investment strategies focused on delivering climate-resilient growth. The collaboration with the private sector - domestic and international - is critical for ensuring development-positive climate action with technology transfer and innovative business model creation.”

He continued, “We look forward to cooperating with the private sector and our philanthropic partners in the delivery of our Climate Prosperity Plans”

Ghana is currently the Chair of the Climate Vulnerable Forum (CVF) and by default the Chair of the V20 Group of Finance Ministers. Formed in 2015, the V20 Group of Finance Ministers is a dedicated cooperation initiative of economies systematically vulnerable to climate change.

The Ministries of Finance, Environment Science Technology and Innovation, Foreign Affairs and Regional Integration and the Environmental Protection Agency will converge to hold the event.

The event which is on the theme “Partnering with Private Sector: Building Climate Resilience through Climate Prosperity Plans” will provide an opportunity for investors to collaborate with Vulnerable Twenty (V20) members in exploring opportunities to mitigate climate change risks on vulnerable developing countries.

Participants will also explore the role that the private sector can play in the development of innovative financing options for projects/programmes, under the CPPs which counteract climate risks and leverage transition opportunities.

Climate Prosperity Plans constitute comprehensive strategies designed to accelerate the transition to a low-carbon economy, enhance climate resilience and create new economic opportunities for national prosperity.

The plans involve collaboration between government, private sector, and civil society organizations to develop and implement climate-smart investments and policies that create jobs and improve the quality of life of the people while reducing greenhouse gas emissions.

Meanwhile, the V20 membership stands at 58 countries representing some 1.5 billion people from various countries.

MA/FNOQ