Minister roots for climate change financing

ARUSHA: DEPUTY Minister for Finance, Mr Hamad Chande has challenged African countries to finance climate change action.

The deputy minister noted that climate financing was crucial for mitigation, as large-scale investments are required to significantly reduce emissions.

“We need to ask ourselves if we’re ready in financing for climate change,” insisted the deputy minister while opening International Transparency and Accountability Conference (ITAC 2023), here on Friday.

Mr Chande said successful tackling climate change requires urgent policy action across countries to scale-up and shift public and private sector investments.

“Are we in the right direction as far as climate change financing is concerned?” he queried.

According to the deputy minister, climate change is a global problem that requires collective action and determination.

The United Nations Framework Convention on Climate Change (UNFCCC) explains that climate finance refers to funding on the local, national, and transnational scale originating from the public, private, and other alternative sources that support climate change mitigation and adaptation actions.

Climate finance aims to finance the efforts to reduce emissions, vulnerability, and increase the resilience of humans and ecological systems to the impacts.

In 2009, in the Copenhagen Climate Change Conference,   developed countries promised to assist with $30 billion to developing countries to help fight climate change.

This agreement was then renewed to extend the period of receiving aid under the Paris Agreement in 2015.

Earlier on, Swedish Ambassador to Tanzania Charlotta Ozaki Macias, said accountability was of paramount importance and right meaningful action on tackling climate change.

“This is because it helps to ensure that efforts to mitigate and adapt to the challenges that are effective and equitable and ensures that nations and leaders are held responsible and it is the bedrock upon which we build trust and cooperation together with our citizen,” she explained.

Hosted by Wajibu- Institute of Public Accountability, ITAC 2023 conference aims to explore the opportunities and challenges associated with accountability for climate change action, and to identify strategies for strengthening financial accountability mechanisms at the national and international levels.

This year’s theme was on ‘Strengthening Accountability for Climate Action’.

Related Articles

Back to top button