Mainstreaming climate financing into our economy is testament of gov’t’s dedication to addressing climate crisis – Kokofu

The former Executive Director of the Environmental Protection Agency (EPA), Dr. Henry Kwabena Kokofu Esq, has categorically said that President Akufo-Addo’s legacy is marked by significant achievements, particularly in the context of the Climate Vulnerable Forum journey.

Dr. Kokofu praised President Akufo-Addo’s government for its commitment to climate action and sustainable development, citing the establishment of the Ministry of Environment, Science, Technology and Innovation (MESTI) as a key milestone.

“The mainstreaming of climate financing instruments into our economy is a testament to the government’s dedication to addressing the climate crisis,” he said. “Ghana has made significant strides in transitioning to a climate-resilient economy, and we are proud to be part of this global effort.”

Speaking in an interview with GBC, Dr. Henry Kwabena Kokofu, said during Ghana’s President, Akufo Addo’s tenure as the chair of the Climate Vulnerable Forum, which began in Glasgow, the country made swift progress under the leadership of our former Finance Minister, who chaired the V20 group of Finance Ministers.

V20 group, is a group of Finance Ministers of the Climate Vulnerable Forum, with the aim of identifying common attributes among member countries and explore ways to integrate climate financing instruments into their economies. The V20 platform provided a unique opportunity for countries to learn from each other and develop tailored approaches to address their specific climate challenges”, he said.

Dr. Kokofu, an expert in environmental policy and climate change, emphasized that the V20 played a crucial role in bringing together Finance Ministers from various countries to share knowledge and best practices in climate financing.

“Our former Finance Minister, Ken Ofori Atta, did an excellent job of harnessing the collective expertise of V20 to develop innovative solutions for climate resilience and sustainable development. As a result of these efforts, Ghana has successfully developed the Climate Prosperity Plan (CPP), a groundbreaking initiative that has also been adopted by countries like Bangladesh and Sri Lanka”, he said.

“The Climate Prosperity Plan represents a turning point in our post-COVID economic recovery, as it recognizes the crucial role of the climate economy in driving growth and development,” Dr. Kokofu explained.

He stressed that the plan outlines a comprehensive framework for transitioning to a climate-resilient economy, with a focus on bankable investments in key sectors such as energy, education, health, agriculture, forestry, and environment.

Dr. Kokofu highlighted the significance of the CPP, noting that it has the potential to attract private capital and mobilize resources for climate action. “The CPP is a game-changer for Ghana and other countries, as it provides a clear roadmap for achieving climate prosperity and sustainable development,” he said.

He stressed that the foundation laid by President Akufo-Addo’s government has positioned Ghana for success, and thus, looking forward to benefiting from these initiatives in the years to come.

Looking ahead, Dr. Kokofu emphasized the vast potential of the climate economy, particularly in the context of the African Continental Free Trade Area (AfCFTA). “Climate economy for finance, jobs, and sustainability – positioning Ghana as the base for capacity building on climate economy for AfCFTA, with a market potential of about $3.3 trillion and a population of 1.32 billion. The future is indeed exciting,” he said, highlighting the opportunities for Ghana and other African countries to leverage the climate economy for sustainable growth and development.

Overall, Dr. Kokofu’s remarks highlighted the importance of climate action and sustainable development in driving economic growth and prosperity and acknowledged the significant progress made by Ghana under President Akufo-Addo’s leadership. His comments also emphasized the need for continued collaboration and innovation to address the complex challenges posed by climate change.