President Akufo-Addo has indicated that Ghana is attempting to use her own fiscal resources to address risks associated with climate change.
According to him, it is time to turn words into deeds, and ambition into action when it comes to addressing climate change. He emphasized Ghana’s determination to push COP27 to deliver on its commitment to double financing towards climate adaption efforts on the continent.
President Akufo-Addo revealed that the eyes of people everywhere will be on the decision-makers at COP27, as they have to “deliver if they are to escape the censure” of history. He emphasized that financial climate adaptation, apart from “making economic sense”, is much more cost-effective than paying the bills every time they are due, for increasingly frequent and severe climate shocks and disasters.
“My country, Ghana, is attempting to use her own fiscal resources to address these risks. The same is true for other African countries. However, the growing food and fuel crises are limiting severely our fiscal space to respond effectively, as the cost of borrowing goes up prohibitively, and access to the capital market tightens dramatically.”President Akufo-Addo
The President stated that the consequence of climate change will mean that as a middle-income economy, Ghana stands to lose out to the effects of more acute and frequent climate hazards. He explained that this will happen despite significant progress made through the Africa Adaptation Acceleration Programme (AAAP), on climate emergency.
Delivering his opening remarks at a Virtual Climate Adaptation Summit in Rotterdam, Netherlands, President Akufo-Addo stated that countries are aware of the current geopolitical circumstances. Food and energy security, he highlighted, are at risk across the world.
“… Inflation is rapidly rising and climate change threatens the progress we have made, especially in Africa. COVID-19, which resulted in sub-Saharan Africa’s first recession in some twenty-five (25) years, is still hurting Africa. Some twenty-six million people fell into extreme poverty, and thirty million jobs were lost due to the repercussions of the pandemic in Africa.”President Akufo-Addo
President Akufo-Addo stated that Africa contributes the least to the climate emergency, yet it is facing increasing and more intense climate-related extreme events. He noted that countries must “adapt to climate change” if the continent is to thrive.
“And, to achieve this, adaptation financing needs to start flowing at scale. Climate action must not become another casualty of the complex geopolitical era that we are experiencing.”President Akufo-Addo
Africa Adaptation Acceleration Programme
President Akufo-Addo was confident that, the AAAP, with its “laser focus on food security, resilient infrastructure, climate finance, and youth employment”, is Africa’s solution to the multiple crises it faces. He noted that the programme intends to mobilise some twenty-five billion dollars over five years to scale up and accelerate adaptation action.
“The African Development Bank has, in a truly laudable gesture, committed to providing half of this amount. This is evidence that Africa has the leadership and determination to engage in solutions to her problems.”President Akufo-Addo
The President expressed the need for the world to show camaraderie to scale up its support to Africa for concrete adaptation solutions, delivered through the AAAP.
“We expect these friends to manifest their solidarity and friendship by delivering the other half, just as we believe that the time is due for the developed countries to make good on their $100 billion pledge for climate adaptation.”President Akufo-Addo