Ministry of Finance sets up Climate Financing Division

The Ministry of Finance is setting up a Climate Financing Division to improve coordination at the national level and hasten Ghana’s growth towards climate resilience.

It would assist Ghana in meeting its international obligations by effectively implementing the country’s Nationally Determined Contributions to the fight against climate change.

Finance Minister Ken Ofori Atta made this known when he presented the 2024 Budget Statement to Parliament on Wednesday.

Ghana has been at the forefront of advocacy for a climate-resilient global financial architecture, while also expanding its activities in climate finance mobilisation.

According to the Minister, Ghana secured critical financing support for its climate adaptation and mitigation measures at the 2023 IMF/World Bank Group Annual Meetings.

This includes $54.5 million to establish the Ghana Shea Landscape Emission Reduction Project (GSLERP) in partnership with the Green Climate Fund, as well as $4.8 million earned by successfully reducing one million tons of carbon emissions through forest conservation and degradation prevention, with an additional $45 million expected by the end of 2024.

Additionally, the Government has signed six agreements with Switzerland, Singapore, Sweden, and South Korea, as well as some public and private entities in line with Article 6 of the Paris Agreement.

“Our leadership as Chair of both the Climate Vulnerable Forum (CVF) and the Vulnerable Twenty Group (V20) is a prime example, directed by our Ministries of Finance, Environment, Science Technology and Innovation, and Foreign Affairs,” Mr Ofori Atta said.

He stated that Ghana has not only enhanced its worldwide status in climate debates but has also championed the interests of climate-vulnerable states.

“Since 2021, under Ghana’s direction, the CVF and V20 have driven a forward-thinking agenda to counter climate change threats.

“We have led pivotal talks, advocating for enhanced climate finance and firmer commitments from developed nations,” he said.

The Minister said Ghana’s leadership in advocating for a reformed global financial system underscores the country’s commitment to promoting a future in which climate-resilient growth and sustainable development are prioritised.

He said by championing the needs of developing countries in the face of climate change, “we aim to pave the way for a world where our nations not only survive but thrive.”

“This vision for climate resilience is more than an environmental imperative; it is a pathway to enduring prosperity and stability for developing countries globally, ensuring that we are equipped to face climate challenges while progressing towards a sustainable, prosperous future,” he said.