Africa’s $ 100 billion pledged to mitigate climate change may not be achieved – Ministry of Finance

It appears that the $ 100 billion pledged annually to African countries by developed countries to mitigate the negative impact of climate change may not be honored.

Although African countries contribute less than 3% of global emissions, the continent bears the brunt of it.

The G-20 is responsible for 80% of greenhouse gas emissions, but the poorest countries, especially in Africa, bear the brunt of climate change.

Rich countries pledged in 2009 to give developing countries $ 100 billion a year to help them tackle climate change, but the target date was pushed back to 2023 at the start of the COP26 summit.

But at Ghana’s official side event for the ongoing climate change conference in Glasgow, one of Ghana’s finance ministry negotiators, Foster Aboagye-Gyamfi, revealed how the G20 countries are doing halfway. -turn on their engagement.

According to Aboagye-Gyamfi, many rich countries are abandoning their commitment to providing flexible financing and instead focusing on a surge of lending “which I think is not helping much”.

“Because it means developing countries will have to pay for these things in the future and I’m sure it will deter developing countries from doing a lot from there,” he said.

Also at this event, the Executive Director of the Environmental Protection Agency, Dr Henry Kokofu, revealed that Ghana needs around $ 15 billion to help implement its strategies to deal with the challenges of climate change.

“Ghana needs between $ 9.3 billion and $ 15.5 billion in investment to fully implement the 47 nationally determined contribution measures from 2020 to 2030. Of these $ 3.9 billion would be needed to implement implement the 16 unconditional action programs until 2030.

“The remaining 5.4 billion for conditional Title 1 vaccine programs would be mobilized from public, international and private sources, and carbon markets. And again, it is important to note that current capital markets clearly indicate that the private sector holds almost two-thirds of the sources of finance, ”he added.

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