In a resolute stance against the escalating threats of climate change, Ghana is spearheading efforts to combat climate risks and secure international funding commitments.
The Minister for Environment, Science, Technology and Innovation, Kwaku Afriyie, emphasised the country’s commitment to standing together with other Climate Vulnerable Forum (CVF) countries at the forefront of global discourse on climate change.
“Our vulnerability is also one of our greatest strengths. Our communities are finding innovative ways of adapting to climate change. Our global leadership is resulting in significant progress at the global level,” mister Afriyie affirmed.
In a significant development, the Global Shield against Risks and Global Risk Modelling Alliance has been launched in Ghana. The initiative aims to provide enhanced protection for climate-vulnerable economies and communities, ensuring better pre-arranged and trigger-based finance against disasters and climate risks.
The minister – addressing attendees at the Global Shield against Climate Risks & Global Risk Modelling Alliance first country workshop – praised the CVF and V20 for their role in pushing for the establishment of international funding commitment and mechanisms to address climate change loss and damage at the upcoming Conference of the Parties (CoP27).
“Climate justice must be served by bigger and better pledges of finance from the richest countries; the scale of destruction we are witnessing is unprecedented,” stated mister Afriyie, referring to the devastating floods and their impact on coastal communities and farmers in Ghana. He emphasised an urgent need to build resilience in the face of the permanent reality of climate catastrophe.
The recently released UN Adaptation Gap Report highlighted the pressing need for a 5x increase in financial assistance to help developing countries adapt to climate change. Mister Afriyie stressed the importance of evidence-based analysis and results in designing investments that prioritise a low-carbon transition and adaptation – fortifying economies, supply chains and communities against climate-fuelled risks.
The minister’s remarks echoed the sentiments expressed in the ‘Accra-Kinshasa’ Communiqué of the CVF, which emphasised finance as a key priority for vulnerable countries. According to the communiqué, climate change has already caused a significant wealth-reduction of one-fifth for CVF countries over the past two decades.
However, developed countries have failed to meet their commitment to mobilise US$100billion annually in climate finance for developing countries – a pledge made over a decade ago. This shortfall has hindered the implementation of Nationally Determined Contributions (NDCs) and the reduction of emissions. Ghana, for instance, urgently requires resources to achieve emission reduction targets and build resilience in priority sectors such as water, agriculture, biodiversity and health.
The Global Shield against Climate Risk 0 a global disaster risk finance initiative launched at CoP27 and supported by the V20 and G7 provides a framework for scaling-up disaster risk finance (DRF) in an effective, collaborative and country-led manner. Beth Cadman, FCDO-Development Director, commended Ghana’s leadership and stressed the importance of disaster risk finance in building crucial resilience and ensuring rapid responses to shocks.
The United Kingdom, a partner in the Global Shield initiative, expressed strong support for disaster risk finance and is actively supporting the African Risk Capacity (ARC); an African-led regional insurance scheme that provides affordable cover against droughts, tropical cyclones and floods.
Beth Cadman, the FCDO-Development Director, expressed delight with the launch of Global Risk Modelling Alliance and commended Ghana for leading the charge in this critical work.
“The economic challenges facing Ghana require decisive action, and I commend the Honourable Minister for his efforts to stabilise the economy. However, climate risks are intensifying and exacerbating challenges even for the strongest economies,” stated Ms. Cadman.
As Ghana assumes the role of a pathfinder country in the Global Shield initiative, it is poised to deliver value, resilience and impact within the country, while also contributing to the growth and improvement of DRF worldwide.
With the launch of Global Shield against Risks and the continued advocacy for international funding commitments, Ghana remains at the forefront of fighting against climate change – urging developed nations to fulfil their financial obligations and work toward rebuilding trust with developing countries. The urgent need for resources to build resilience and adapt to climate change cannot be ignored, and Ghana stands as a beacon of hope by championing efforts to secure a better future for all.
