A media consultant and trainer, Fred Avornyo has noted that financial resources and sound investments are needed to address climate change, to both reduce emissions, promote adaptation to the impacts that are already occurring, and to build resilience.
Mr. Avornyo said this when he spoke about Climate finance at the just ended Climate Change Training for journalists by Penplusbytes and sponsored by the DW Akademie noted
He noted that transition to a low carbon economy is critical for two interrelated reasons, “It is how we ensure that we arrest global warming and restore balance, whilst building resilience within our economies and societies to physically withstand the effects of climate change impacts.”
The Media Consultant explained climate financing as the local, national or transnational financing—drawn from public, private and alternative sources of financing—that seeks to support mitigation and adaptation actions that will address climate change.
“Finance that aims at reducing emissions, and enhancing sinks of greenhouse gases and aims at reducing vulnerability of, and maintaining and increasing the resilience of human and ecological systems to negative climate change impacts, as defined by the United Nations Framework Convention on Climate Change (UNFCCC) Standing Committee on Finance” he said.
The trainer noted that Climate finance is needed for mitigation because large scale investments are required to significantly reduce emissions and for adaptation. He added that significant financial resources are needed to adapt to the adverse effects and reduce the impacts of a changing climate.
On Financial mechanism, he said, countries are considered parties to the UN Convention on Climate Change. And the convention has a principle, of common but differentiated responsibility and respective capabilities and based on this principle, developed countries are to provide financial resource to assist developing countries in implementing the objectives of the UNFCCC.
Mr. Avornyo urged journalists and unions to take a stronger lead in stimulating the debate and action around climate change.
Ghana requires between US$ 9.3 and US$ 15.5 billion of investment to implement the 47 nationally determined contribution measures from 2020 to 2030.
An NDC, or Nationally Determined Contribution, is a climate action plan to cuts emissions and adapts to climate impacts.
Studies and reports conducted before the COVID-19 pandemic showed that investments in climate action would go far to build a sustainable economy. According to October 2019 data from the World Bank , the world will need to make significant investment in infrastructure over the next 15 years –around US$90 trillion by 2030.
But it can recoup those investments. Transitioning to a green economy, it found, can unlock new economic opportunities and jobs. An investment of US$1, on average, yields US$4 in benefits.
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