Skip to main content

Climate Financing Director unveils new initiatives at COP29 Finance Day

 The Director of the Climate Financing Division in the Finance Ministry, Phyllis Adwoa Fraikue, has emphasised the country’s ambitious plans to mobilise climate finance in the face of global economic challenges.

Speaking at a side event dubbed the “Finance Day” at the ongoing COP29 in Baku, Azerbaijan, under the theme, "Collaborative Pathways to Green Growth: Revolutionising Climate Finance in a World of Fiscal Challenges" she stressed the urgency of climate-resilient development in a post-COVID-19 world.

Highlighting Ghana’s efforts to address climate risks while maintaining fiscal responsibility, she reiterated the role of the newly established Climate Financing Division.

This Division, she explained, is central to Ghana’s Climate Prosperity Plan, which aligns national development with global climate goals and attracts both public and private investments for green growth.

The Division’s vision," Fraikue emphasised, "is to foster a sustainable financial ecosystem that will drive low-carbon development, enhance resilience, and position Ghana as a model for climate finance."

Recognizing Ghana's ongoing fiscal challenges, exacerbated by global economic disruptions since 2022, she highlighted the importance of innovative financial mechanisms such as debt-for-climate and debt-for-nature swaps.

The occasion showcased the Finance Ministry’s new Ghana Green Finance Taxonomy, a framework designed to direct funding to environmentally responsible projects, making Ghana a regional leader in sustainable finance.

Ghana aims to unlock private capital for low-carbon development through these tools and sector-based incentives, minimizing the national debt burden.

Fraikue concluded with a call for robust partnerships, stronger transparency and accountability in climate finance to safeguard natural and physical assets.

"Let us seize this moment to foster collaboration, leverage innovation, and build a sustainable future for all," she urged.

She said the Ministry of Finance has been actively engaging stakeholders for stronger financial and technical partnerships in line with the Nationally Determined Contributions.

This event showcased Ghana's commitment to mobilising climate finance resources, as well as its collaborative approach to strengthening resilience and advancing sustainable development.

The COP29 Finance Day event is expected to catalyse further discussions on innovative financial solutions and the future of climate finance amid global fiscal constraints.

Labels:

Comments

Post a Comment

Popular posts from this blog

Ghana Home Loans

With interest rates declining, a more liquid environment and a macroeconomic stability, mortgage financing is expected to see an ease of credit. And Ghana Home Loans being a leader in this industry is expected to lead the way. Ghana Home Loans (GHL), a leader in home mortgage, continues to be the frontier in fulfilling dreams of many Ghanaians in homeownership. Since starting business in 2006, it has also provided many existing homeowners with Equity Release mortgages to support their businesses, pay educational fees, improve their properties, or simply pursue other personal hobbies and interests. Ghana Home Loans is a mortgage finance institution which operates under Bank of Ghana’s supervision as a non-bank financial institution. At present, the Company remains the only such institution that focuses exclusively on the provision of mortgage product. Through the Home Completion mortgage and Home Construction mortgage products, Ghana Home Loans has enabled many qualified applican
16 comments
Read more

COP29: EU-Africa Chamber of Commerce to host a panel discussion on Access to Finance & Sustainability

The EU-Africa Chamber of Commerce (EUACC) will be hosting a pivotal panel discussion at COP 29 in Baku, Azerbaijan, focusing on "Access to Finance & Sustainability: A Call to Action for Resilient Growth in Africa." This event, held at the Côte d'Ivoire Pavilion, brings together experts, investors, and policymakers to tackle financing challenges and sustainability priorities within Africa's maritime sector. The panel discussion of the EU-Africa Chamber of Commerce during the COP 29 will gather experts, investors, and policymakers to address financing challenges and sustainability priorities with a focus on Africa’s maritime sector. The discussion builds on the Ten-Point Call to Action established during the recent EUACC-led conference in Abidjan in October 2024. The commitment of the EU-Africa Chamber of Commerce is clear: contribute to address the critical challenge of access to finance. This obstacle hinders the development of infrastructure, innovation, and eve
Post a Comment
Read more

Rana Motors celebrates 30 years of Kia Sportage in Ghana with the unveiling of 30 Unique Limited Models

 In a bold milestone, Rana   Motors , a leading player in the automobile industry, is marking 30 years of its flagship compact   SUV , the Kia Sportage presence on the Ghanaian market with the launch of the limited special edition of the 5th Generation model. This latest edition, proudly assembled in Ghana, reflects the brand’s commitment to combining local craftsmanship with cutting-edge technology with key upgrades including acoustic laminated glass for a quieter interior and reinforced safety features like eight airbags, including rear side airbags. Speaking during a brief ceremony to unveil the 30th Anniversary of Kia Sportage in Ghana, Chief Operating Officer of Rana Motors Kassem Odaymat, described the positioning of the company as a game-changer in the automotive landscape.   To mark three decades of outstanding success, Kia has equipped a new special edition of the 2024 Sportage with enhanced specification, focusing on convenience and safety while further elevating the model’s
Post a Comment
Read more