Climate financing: President Akufo-Addo expresses disappointment in wealthy nations

President Nana Addo Dankwa Akufo-Addo
President Nana Addo Dankwa Akufo-Addo

President Nana Addo Dankwa Akufo-Addo Tuesday expressed Africa’s disappointment over the failure of wealthy nations to honour their US$100 billion annual financial commitment to poorer countries in the fight against climate change impact.

He said with the African Development Bank stating that Africa would need some US$3 trillion “in mitigation and adaptation by 2030” to enable her implement her nationally determined contributions, the question of financing Africa’s commitments naturally arose.

The world’s wealthy nations in October this year admitted that they have broken a promise to deliver $100 billion annually to developing nations to help them cope with climate change.

A report prepared by state ministers from Germany and Canada prior to COP26, revealed that the pledge meant to run from 2020 to 2025 will not be met until 2023.

Speaking at the World Leader’s Summit, at the United Nations Climate Change Conference, underway in Glasgow, Scotland, United Kingdom, Ghana’s President said the continent was therefore, naturally very disappointed that the wealthy nations had failed to assist Africa in the fight against climate change impact, and by the unavailability of the technology transfer that would help the continent “find sustainable ways of charting a path out of this existential crisis.”

“Those same nations are, however, insisting that we abandon the opportunity for rapid development of our economies. That would be tantamount to enshrining inequality of the highest order, a totally unacceptable conclusion,” he added.

The President said: “Ghana acknowledges the importance and effects of Climate Change, and the urgent need to combat it, and we acknowledge equally the importance of protecting our development.

However, “we must find a solution that is equitable and fair; a solution that levels the playing field; a solution that recognises the historical imbalances between the high emitters and low emitters, he emphasized.

He said Ghana, therefore, supported the “call for debt-for-climate swaps, which will address a multitude of issues in one fell swoop.”

Success, in this endeavour, he reiterated, was the greatest inheritance the world could leave for current and future generations.

President Akufo-Addo informed that, “The development and industrialisation of the wealthy nations of today were also hinged on the exploitation of their natural resources. This development came at the expense of pollution and the emission of greenhouse gases. Even today, the western world is responsible for 76 per cent of carbon emissions.”

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