Switzerland has announced a major financial commitment to support Ghana’s efforts to reduce greenhouse gas emissions and adapt to the impacts of climate change. The European country will provide up to $850 million in direct investment, carbon revenues, and fees by 2030, as part of a bilateral agreement under the Paris Agreement.
The deal, which was launched last Friday in Accra, is the first of its kind in Africa and one of the few in the world. It involves 12 projects that aim to promote low-carbon development and enhance climate resilience in various sectors, such as renewable energy, waste management, sustainable agriculture, clean cooking, electric mobility, green cooling, and energy efficiency.
The projects are expected to create a minimum of 7,000 green jobs, increase access to clean energy for millions of people, and prevent over 30 million tonnes of carbon dioxide equivalent (CO2e) from being emitted into the atmosphere.
The Minister of Environment, Science, Technology and Innovation, Dr Kwaku Afriyie, said the agreement was a significant milestone for Ghana, which has been at the forefront of the fight against climate change in the region. He said the country had updated its nationally determined contribution (NDC) in 2021, setting a target of reducing its GHG emissions by 20% below 1990 levels by 2020, and by 45% with international support.
He added that the government was implementing several policies and measures to achieve its climate goals, such as the National Climate Change Policy, the National Adaptation Plan, the Green Ghana Initiative, and the Ghana Shea Landscape Emission Reductions Project.
He expressed gratitude to Switzerland for its partnership and support, saying it would help Ghana to pursue a development pathway that builds resilience to climate change and fosters a transition to low-carbon growth.
The Swiss Ambassador to Ghana, Philipp Stalder, said Switzerland was proud to collaborate with Ghana on this innovative and ambitious initiative, which he described as a “win-win” situation for both countries. He said Switzerland would benefit from the emission reductions achieved by the projects, which would count towards its own NDC target of cutting its GHG emissions by 50% below 1990 levels by 2030.
He also said Switzerland would gain from the investment opportunities and the transfer of technology and know-how that the projects would offer. He said Ghana would benefit from the financial and technical assistance, the creation of green jobs and businesses, and the improvement of livelihoods and environmental quality that the projects would bring.
He said the agreement was a concrete example of how the Paris Agreement could work in practice, and how countries could cooperate to address the global challenge of climate change. He said he hoped the agreement would inspire other countries to follow suit and join the global effort to limit the rise in global temperature to well below 2 degrees Celsius, and preferably to 1.5 degrees Celsius, compared to pre-industrial levels.
The launch of the agreement was attended by representatives from the government, the private sector, civil society, academia, and the media. It also featured a panel discussion and a video presentation of some of the projects.
Source: Graphic Online
