Ken Ofori-Atta calls for fit-for-climate global financial system

By Richard Aniagyei, ISD || Contributor
Climate Ken Ofori-Atta calls for fit-for-climate global financial system

Minister for Finance, Mr Ken Ofori-Atta, has called on African leaders and the Vulnerable Group of Twenty (V20) of Finance Ministers to create a fit-for-climate global financial system that synchronises with the 2063 Agenda and the SDG Stimulus by 2030.

Speaking at a collaborative side event led by the V20 group at the just-ended Africa Climate Summit, the Minister stated that Africa’s journey toward sustainability and climate prosperity was intimately linked with its collective ability to reshape the financial landscape.

The Minister highlighted the need for the Multilateral Development Bank (MDBs) to facilitate access to finance for the climate vulnerable and work together to triple all multilateral financing, particularly the tripling of available resources for the World Bank's International Development Association (IDA).

According to the Minister, leaders pushing the Climate Change agenda must "seize this moment, harness our collective determination and foster a legacy that future generations will commend."

He added, “It is not enough to survive, we must thrive and our objective is to achieve prosperity, nothing less.”

The Minister reminded the V20 group of their core mandates as the pioneers, pathfinders and champions of climate prosperity who continue to provide a voice for the over 1.74 billion climate-vulnerable people, about half of whom reside in Africa.

The meeting, which was on the theme "A Fit-for-Climate Global Financial System, Now or Never," brought together government representatives, philanthropists, civil society, researchers and the media.