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Ghana targeting 9 to 16 billion US Dollars at the 26th UN Climate Change Conference of the Parties (COP26) ongoing in Glasgow, to fight climate change.
According to the Executive Director of the Environmental Protection Agency (EPA), Mr Henry Kwabena Kokofu, Ghana needs the money to build roads, build railway system, introduce electric vehicles in the system, uplift hospitals and build more in order to adapt or mitigate climate change.
This is out of the $100 billion committed by rich countries during the 2009 Copenhagen climate talks.
The finance is to fund climate change mitigation, which are measures to reduce greenhouse emissions, and adaptation to climate change.
The $100bn commitments were reiterated at COP 16 in Cancun in 2010, and at COP21 in Paris in 2015, where it was agreed to extend the commitment to provide $100bn every year to 2025.
Final figures will not be available until 2022 but it’s generally accepted that the 2020 goal has not been fully met.
This, together with what form climate finance takes (loans or grants), is a key area of contention for developing countries in the run up to COP26.
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Speaking on Atinka TV’s morning show, Ghana Nie with Ekourba Gyasi Simpremu, Mr Henry Kwabena Kokofu admitted that climate change had become a major problem to countries including Ghana, noting the need to adapt or mitigate it.
Although he noted that the $100 billion promise had not been fruitful yet, he said Ghana was in talks with some private entities and others to specially raise money until the promise is fulfilled.
He also said they were going to hold the rich countries accountable and ensure they release the money.
“We need between 9-16 $billion and we are going to look for it. It means we are in talks with the private sector and we are raising some ourselves, so there are many funding sources. We are doing bi-lateral and multi-lateral negotiations,” he said.
Meanwhile Mr Henry Kwabena Kokofu said representatives had been deployed to attend meetings, workshops and side events to negotiate on adaptation, mitigation, financing, agric and energy simultaneously.
He said private companies were also negotiating for partnerships, hinting that they were going to sign an MOU which details will be made known to the public later.
Ghana| Atinkaonline.com| Porcia Oforiwaa Ofori
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