2024 Budget: Ghana secures $54.5m funding for climate initiatives

In the presentation of the 2024 Budget Statement on Wednesday, Finance Minister Ken Ofori-Atta underscored Ghana’s success in securing vital financing support for climate adaptation and mitigation measures at the 2023 IMF/World Bank Group Annual Meetings.

The achievements include significant contributions to the Ghana Shea Landscape Emission Reduction Project (GSLERP) and successful earnings from carbon emissions reduction.

Ghana secured US$54.5 million for the establishment of GSLERP in partnership with the Green Climate Fund. This initiative is poised to make substantial strides in sustainable land use and emissions reduction.

Also, through successful forest conservation and degradation prevention efforts, Ghana earned $4.8 million by reducing nearly 1 million tons of carbon emissions.

A further $45 million is expected to be earned by the end of 2024, showcasing the nation’s commitment to environmental stewardship.

Furthermore, the government has inked six Memoranda of Understanding (MOUs) and agreements with Switzerland, Singapore, Sweden, South Korea, as well as various public and private entities. These collaborations align with Article 6 of the Paris Agreement, emphasizing Ghana’s commitment to global climate initiatives.

In a strategic move to optimize the mobilization and utilization of climate finance resources, the Ministry of Finance is establishing a dedicated Climate Financing Division. This division aims to enhance coordination at the national level, accelerating Ghana’s progress towards climate resilience.

Additionally, it will play a pivotal role in fulfilling Ghana’s international commitments by effectively implementing the Nationally Determined Contributions (NDCs).

SOURCE:NORVANREPORTS