Finance Minister and Chairperson of the V20 Group, Ken Ofori-Atta has called for a paradigm shift in climate financing and the adoption of innovative policies to bolster climate resilience across the continent.
In a keynote address delivered on his behalf at the Africa Climate Summit recently held in Nairobi, Kenya, Mr. Ofori-Atta highlighted the urgent need for African nations to access climate finance and develop strategies that would not only mitigate climate change but also enhance their capacity to adapt to its impacts.
“Climate change poses an existential threat to our continent, and it demands innovative solutions and immediate action,” emphasized Ofori-Atta. “For all climate-vulnerable developing economies to be eligible to obtain climate finance, including Small Island Developing States (SIDS) and Least Developed Countries (LDCs), among others, we need a transformative approach.”
The Finance Minister stressed the importance of multilateral financing, calling for a tripling of available resources for institutions like the World Bank’s International Development Association (IDA). He argued that increased financial support would be essential to drive ambitious economic and financial strategies, focusing on climate-resilient, low-emission development.
“Tripling multilateral financing, including contributions to IDA and other channels, can be a game-changer,” Ofori-Atta said. “These funds will fuel the development of climate prosperity plans and other positive climate actions in Africa.”
He underscored the critical role of innovative policies in facilitating climate resilience. He also proposed comprehensive policy reforms, capacity building, and technology adoption to empower African nations to develop, monitor, and report on carbon credit projects effectively.
Finally, Mr. Ofori-Atta urged African nations to unite and take bold steps towards securing climate financing and implementing innovative climate resilience strategies.
He emphasized that collaboration, innovation, and immediate action were crucial to securing a sustainable future for Africa and its people, in the face of the climate crisis.