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Revamp Financial Architecture for Climate Action - President Urges World Leaders

Revamp Financial Architecture for Climate Action - President Urges World Leaders

Dubai 3rd December, 2023 - Ghana’s President and the Chair of the Climate Vulnerable Forum CVF, Nana Addo Dankwa Akuffo-Addo has stressed the critical need for a comprehensive reassessment of the international financial architecture to expedite and align it with climate action.

Ghana’s President and Chair of the Climate Vulnerable Forum (CVF), Nana Addo Dankwa Akuffo-Addo, delivered this compelling call-to-action to world leaders during a High-Level Event at the ongoing Conference of Parties (COP 28) in Dubai. 

Addressing an audience of global leaders at the event themed "Rising with the Tide, Tracking Reforms in the International Financial Architecture for Accelerated Development - Positive Climate Action," President Akuffo-Addo underscored the urgency for a revamped financial system that not only increases resources but also tailors them to meet the specific needs of communities most affected by climate change.

"The disproportionate level of emissions by industrialized nations has led to immense losses, approximately US$ 535 billion or 20 percent of wealth for V20 economies over the last two decades," President Akuffo-Addo highlighted, pointing out the imperative for advanced nations to honor their moral obligation in mobilizing additional resources to combat climate change, as outlined in the Paris Agreement.

"The CVF, since its inception in 2009, has stood as a testament to unity and shared purpose. The V20 Finance Ministers have played a crucial role in translating our political ambition into strategic economic roadmaps," emphasized President Akuffo-Addo.

He further stressed the significance of initiatives like the Accra-Marrakesh Agenda and Bridgetown Initiative, which advocate for a more equitable and effective global financial system in the context of the climate crisis.

In a commendation of incoming leadership, President Akuffo-Addo expressed support for the incoming chair of the CVF, Prime Minister Mia Mottley of Barbados, and the new Secretary-General of the Forum, Mohammed Nasheed, reaffirming Ghana's readiness to collaborate with their administrations.

Prime Minister Mia Mottley, the incoming Chair of the CVF, echoed the call for immediate action, emphasizing the urgency of addressing the challenges posed by climate change and the necessity for long-term financial commitments. She emphasized unity and collaboration, quoting a Barbadian proverb: "Let's share the burden and the bounty together," rallying all stakeholders to contribute to the cause.

Mohammed Nasheed, the newly appointed Secretary-General of the Climate Vulnerable Forum, highlighted the necessity of collective action, stressing that all nations are vulnerable in the face of climate change. Nasheed thanked the President of Ghana for elevating the CVF-V20 to an intergovernmental organization.

Prof Njuguna Ndung’u, Kenya's Finance Minister, on his part, emphasized the significant diversion of resources caused by climate change, citing examples from Kenya, and calling for market development in renewable energy and investments in water resource management as pivotal strategies to address these challenges.

The collective sentiment expressed by world leaders at COP 28 underscores a resolute call for immediate, collaborative action and structural reforms in international financial systems to effectively combat the escalating climate crisis. END