The Ministers of Finance have resolved to actively fund the climate change action across the African continent.
The resolution was reached after a two-day African regional meeting of the Coalition of Finance Ministers for Climate Change held in Kampala.
The delegates agreed at the convening that Finance Ministers in Africa should work towards attracting private finance for climate change action and also rethink their mineral and industrial policies to take advantage of the opportunities that come along with global climate change actions such as energy transition.
Despite contributing to only about 4% of the global carbon emissions, Africa is hit hardest by the consequences of climate change.
Uganda’s Finance Ministry Permanent Secretary Ramathan Ggoobi in his closing remarks said the conference had reaffirmed that climate change is an economic development problem, adding that there is a necessity to mainstream climate considerations into fiscal policy frameworks and national budgets.
“The focus on strategic national planning has illuminated the need for comprehensive approaches that address climate impacts, and opportunities from vital sectors such as mining, agriculture and infrastructure,” he said.
Speaking on behalf of the Finance Minister, State Minister for General Duties, David Musasizi emphasized the importance of mainstreaming climate considerations into policy frameworks and economic strategies.
“Our role as Finance Ministers extends beyond fiscal management; it encompasses shaping policies that drive economic prosperity while safeguarding our environment,” said Musasizi.
