Ghana Pledges to Revolutionize Climate Finance at COP29

Ghana has reaffirmed its commitment to tackling climate-related challenges, despite global fiscal constraints. Speaking at the COP29 Finance Day event in Baku, Azerbaijan, Mrs. Phyllis Adwoa Fraikue, Director of the Climate Financing Division at the Ministry of Finance, outlined Ghana’s initiatives in climate finance.

Fraikue emphasized the need for collaborative pathways to green growth, revolutionizing climate finance in a world of fiscal challenges. She highlighted Ghana’s efforts to mobilize resources for climate-resilient development and environmental sustainability, despite the country’s fiscal situation worsening due to global crises.

The Ministry of Finance has established a Climate Financing Division to mobilize and channel resources toward climate-resilient development. The division aims to create a sustainable financial ecosystem that unlocks both public and private capital for green industrial growth, fosters low-carbon development, and enhances national resilience against climate risks.

Fraikue also announced the launch of the Ghana Green Finance Taxonomy, a framework that will guide the development of green financial instruments. She emphasized the importance of partnerships in ensuring transparency and accountability in mobilizing resources for climate action.

Ghana’s commitment to climate finance is evident in its efforts to leverage innovative financing tools, integrate climate action into national development strategies, and position itself as a regional leader in climate finance initiatives. The country’s journey towards a sustainable future is underway, and its commitment to protecting natural and physical assets, enhancing resilience, and leveraging resources for prosperity is clear.