Editorial: US$16.6billion deficit in climate financing worrying

Arid and dry cracked land due to climate change and global warming - An ecological disaster

There is growing concern about the country’s ability to meet its nationally determined contribution (NDCs) to greenhouse gas emissions as required as part of climate change mitigation measures.

The total cost for meeting Ghana’s NDCs between 2020-2030, stands at roughly US$22billion as part of the Paris Agreement.

This fact was highlighted at a Citizens Convention organised by the African Centre for Economic Transformation (ACET) by its Senior Fellow, John Asafu-Adjaye, who stated that the country has thus far only to been able to raise US$5.5billion.

This invariably means the country is only able to raise about a quarter -25% – of the stated figure; that is, climate financing from domestic sources. This leaves a deficit of                                    US$16.6billion, which means the financing gap has to be met by external sources of revenue.

Some stakeholders have blamed the current situation on improper streamlining and poor revenue mobilisation. However, the ACET Senior Fellow pointed to the fact that to be successful in consolidating the country’s social contract on climate change mitigation, smallholder farmers must be assisted to adopt climate-smart agriculture practices.

Indeed, under the circumstances there is a dire need to scale up climate-smart agriculture as a mitigation measure since there is little doubt that climate change is real. The evidence is there for all to see.

For instance, the volume of rain that has fallen this year in the major season has been phenomenal – and the season is far from over. Floods, displacements and their associated costs have been witnessed with grave concern.

To cap it all, the World Bank estimates that the number of hotter days and nights in the country is likely to increase by 18-59 percent by 2050. Already, 2023 has been declared the hottest year in ages.

This means that the country will get hotter and drier over the long-term if crucial steps are not taken now to avert climate risks. Imagine the effect on the nation whose agriculture largely is dependent on rainfall!

The resultant effect for our agrarian-based economy could spell disaster. It would translate to a critical reduction in staples such as plantain, maize, beans and rice. Additionally, the bulk of the country’s workforce is employed in the agriculture sector and inconsistent rainfall patterns will dislodge them if measures aren’t put in place.

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