The Minister for Finance, Dr. Mohammed Amin Adam, has inaugurated a new Climate Financing Division within the Ministry of Finance, tasked with coordinating and co-leading climate finance initiatives.
This is aimed at attracting international funds, partnering with investors, and implementing projects that promote green growth in Ghana. The division will focus on securing international funding to support Ghana’s transition to a low-carbon and climate-resilient economy.
It involves engaging with global climate finance mechanisms such as the Green Climate Fund (GCF), Global Environment Facility (GEF), and other international platforms that offer financial resources for climate-related projects.
Speaking at the inauguration of the division, Dr Amin Adam noted that “By leveraging innovative financing tools, we can build an ecosystem conducive to climate action, driving financial resources toward climate-resilient growth.”
One of the core objectives of the Climate Financing Division is to drive green growth initiatives that align with Ghana’s national development goals. The division will oversee the development and implementation of projects that focus on renewable energy, sustainable agriculture, climate-smart infrastructure, and environmental conservation.
It is estimated that the country will need a total investment of US$9.3 billion to US$15.5 billion over the next decade to combat climate change. According to the Minister, the division will act as the pillar around which the Ministry will develop its climate financing strategies.
The division will play a key role in building partnerships with private sector investors, development partners, and multilateral institutions to co-finance climate-related projects. These partnerships are crucial to scaling up investments in climate adaptation and mitigation efforts, as well as creating opportunities for job creation and economic growth.
The new unit will serve as a coordination hub for climate finance policies across various sectors, ensuring that all climate-related projects are aligned with Ghana’s broader climate action goals. It will work closely with other government agencies, non-governmental organizations (NGOs), and the private sector to ensure an integrated approach to climate finance.
As part of Ghana’s efforts to meet its Nationally Determined Contributions (NDCs) under the Paris Agreement, the Climate Financing Division will focus on mobilizing resources to fund key climate actions. This includes projects that aim to reduce greenhouse gas emissions, improve energy efficiency, and build resilience against the impacts of climate change.
