Africa Climate Summit: Govt To Raise Funds From Carbon Market

Government says it will intensify efforts to raise adequate funds from the carbon market for the reclamation of degraded lands in Ghana.

Ghana earlier this year earned $4.8 million for reducing nearly one million tons of carbon emissions caused by deforestation and forest degradation, with up to $45 million expected by the end of 2024.

Speaking to journalists at the 2023 Africa Climate Summit in Nairobi, the Minister of Lands and Natural Resources, Samuel Abdulai Jinapor, said government is committed to the restoration of Ghana’s lost forest cover.

“We have already received $4.8 million, as you have already pointed out, through our verified carbon emission reduction program, which has resulted in us receiving this money.

“But ultimately, we have to work together across the government divide and tap into the carbon market, raise a significant amount of funding to be able to promote afforestation, reclamation of our degraded lands, revegetation, and generally restore the forest and landscape of our country, Ghana,” he stated.

Meanwhile, the Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, has urged a collaborative effort between African countries to address the perceived risk of investing in Africa.

The Minister said available data suggests that out of the $2.3 trillion allotted for investment in renewable energy across the world, only $55 billion has been invested in Africa as a result of alleged inconsistent policies.

Mr. Adam said this in an interview with journalists after his submission on Climate Financing at the Africa Climate Summit 2023 in Nairobi, Kenya on Monday.