Minister for Finance, Dr.
Mohammed Amin Adam, has inaugurated a Climate Financing Division in the Ministry of Finance to coordinate and co-lead climate finance initiatives to attract international funds, partner investors and implement projects that promote green growth.The establishment of this Division the Minister noted is in response to building a sustainable and climate-resilient economy, noting that our economic management is intrinsically linked to ecological stewardship"The fact is that all available scientific predictions assure us that changing and extreme climate is almost guaranteed.
Already, we are seeing the impact on lives and the economy.
This impact requires us, as the Ministry of Finance, to reimagine our 'business as usual model' and prepare to respond to the financing challenges associated with the changing climate, he noted.Dr Amin Adam noted further, significant changes in the global financial architecture, especially, with climate finance and to which the country must be positioned to take advantage of.Statistics indicate that in 2022, Green bonds raised US$351 billion to dominate the sustainable bond market, Official Development Assistance provided by DAC countries to the whole of Africa in 2023 was US$35.1 billion (barely 10% of 2022 Green Bonds).