Ghana has Secured Critical Financing Support for its Climate ... - Africa.com
Ghana has Secured Critical Financing Support for its Climate Adaptation and Mitigation Endeavors - Africa.com
At the forefront of this support is the World Bank’s International Finance Cooperation (IFC), pledging funding to bolster Ghana’s implementation of diverse climate change initiatives. These projects aim to fuel sustainable growth, foster a habitable planet, and generate employment opportunities. Ghana, as the headquarters of V20 (the Vulnerable 20 Group), is poised to lead and harness new ideas and global technology to accelerate the nation’s climate change agenda. Ofori-Atta affirmed that economic growth in Ghana would prioritize addressing climate change issues, with a commitment to translating stability into sustainable job opportunities for citizens.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”