{"id":237543,"date":"2024-10-23T10:25:10","date_gmt":"2024-10-23T10:25:10","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/23\/ghana-launches-division-to-increase-response-to-climate-financing-needs\/"},"modified":"2024-10-23T10:25:10","modified_gmt":"2024-10-23T10:25:10","slug":"ghana-launches-division-to-increase-response-to-climate-financing-needs","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/23\/ghana-launches-division-to-increase-response-to-climate-financing-needs\/","title":{"rendered":"Ghana launches Division to increase response to climate financing needs"},"content":{"rendered":"

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By Francis Ntow<\/p>\n

Accra, Oct 23, GNA \u2013 The Finance Ministry has launched a Climate Financing Division to heighten Ghana\u2019s effort in attracting the needed finance into projects and programmes for climate mitigation and adaption.\u00a0<\/p>\n

Launched over the weekend, the Division would work to close Ghana\u2019s US$15 billion financing gap while ensuring that funds are used to effectively blend economic management with ecological stewardship.\u00a0<\/p>\n

Speaking at the event, Dr Mohammed Amin Adam, Finance Minister, said the creation of the Climate Financing Division, marked a significant step towards a sustainable and resilient economy.\u00a0<\/p>\n

\u201cGhana\u2019s Nationally Determined Contributions, our reference programme for climate action, require an estimated funding of US$9.3 to US$15.5 billion over the next decade. Clearly, these facts reveal the direction of travel and the depth of need,\u201d he said.\u00a0<\/p>\n

That, the Minister said had led to the operationalisation of the Climate Financing Division, as the single and central point within the Ministry to effectively coordinate and co-lead the country\u2019s march into the future.\u00a0<\/p>\n

\u201cThis Division will elevate our climate finance initiatives, enabling us to attract international funding, partner with domestic and external private sector investors, and implement projects that promote green growth,\u201d Dr Amin Adam stated.\u00a0\u00a0<\/p>\n

He noted that as financing conditions continued to be tight globally amid future uncertainty, the initiative would position the country better to have an innovative financing module to meet its financing needs and tackling climate change.\u00a0<\/p>\n

The Minister said the Ministry would champion government-to-government import deals, optimise export credit envelopes, catalyse concessional financing for renewable power programmes, and climate debt swaps as ways of attracting financing for the country\u2019s climate adaptation and mitigation drives.\u00a0<\/p>\n

He was confident that by attracting more financing and investing the same into climate adaptation and mitigation, Ghana would build an ecosystem towards climate resilient growth, and position it as climate financing hub in Africa.\u00a0<\/p>\n

\"\"<\/figure>\n

Ms Eva Mends, Chief Director, Ministry of Finance, stated that the new Division would reposition the country to respond to climate change effects through mobilising critical financial resources for projects and programmes.\u202f\u00a0<\/p>\n

She noted that such repositioning had become necessary with the successful completion of the country\u2019s debt exchange programme and the need to increase efforts towards Ghana\u2019s transition into a climate resilient economy.\u00a0<\/p>\n

This Division will not only be a symbol of our commitment to building a climate-resilient economy but also a practical instrument to drive positive change and facilitate Green Growth, and entrepreneurship.\u00a0<\/p>\n

\u201cWith the combined efforts of the Ministry of Finance, our partners, and stakeholders, we can create a future where climate finance and sustainable development are complimentary in our national development aspiration,\u201d Ms Mends said.\u00a0<\/p>\n

Ms Eyerusalem Fasika, the African Development Bank (AfDB) Country Director for Ghana, lauded Ghana for setting up the division.\u00a0<\/p>\n

She stated that the move demonstrated the country\u2019s commitment towards combating climate change, which would open it up to various investment funds available at the Bank and on international platforms.\u00a0<\/p>\n

Magdalena\u202fListon Johnson of the United Kingdom (UK) Foreign, Commonwealth and Development Office (FCDO), also stated that the establishment of the Division showed Ghana\u2019s readiness to receiving critical funds.\u00a0<\/p>\n

She expressed optimism that the operationalisation of the Division would be helpful in implementing projects and actions and facilitate collaboration for climate adaptation and mitigation.\u00a0<\/p>\n

GNA\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

By Francis Ntow Accra, Oct 23, GNA \u2013 The Finance Ministry has launched a Climate Financing Division to heighten Ghana\u2019s effort in attracting the needed finance into projects and programmes for climate mitigation and adaption.\u00a0 Launched over the weekend, the Division would work to close Ghana\u2019s US$15 billion financing gap while ensuring that funds are […]<\/p>\n","protected":false},"author":1,"featured_media":237544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-237543","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\nGhana launches Division to increase response to climate financing needs - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/23\/ghana-launches-division-to-increase-response-to-climate-financing-needs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana launches Division to increase response to climate financing needs - 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