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According to the World Bank Group's latest Country Climate and Development Report (CCDR) for Ghana, if immediate climate action is not taken, at least one million more people could become impoverished as a result of climate shocks.
The report also stated that if preventative actions are not implemented, incomes for impoverished households could decrease by up to 40% by 2050, significantly aggravating their financial situation.
As a result of the 2015 Paris Climate Change Agreement, governments are racing to achieve net-zero emissions and keep global temperatures well below 1.5 degrees Celsius by 2030. Climate change has a significant influence on economies around the world.
"Ghana's contribution to global greenhouse gas emissions is minor, with emissions on a per capita basis at 24% of the global average," said Pierre Laporte, World Bank Country Director for Ghana, Liberia, and Sierra Leone. The nation can choose a more resilient course of action for its development by avoiding expensive lock-ins, advancing to cutting-edge technology, and beginning to mobilize climate money.
The research also stated that "half of Ghana's coastline is vulnerable to erosion and flooding as a result of sea-level rise, and flooding affects around 45,000 Ghanaians annually"
It also listed several key areas for developing a low-carbon, climate-resilient development route that will promote inclusive, green growth throughout the nation.
They are:
1 Adopting an integrated approach to agriculture and environmental management by encouraging integrated landscape management, promoting climate-smart agriculture, and aiding coastal communities in adapting;
2 Creating resilient infrastructure systems, sustainable cities, and enhanced waste management through improved urban planning, resilient transportation infrastructure, and services;
3 Improving national financial readiness against climatic shocks, increasing the effectiveness of early warning systems, and implementing flexible health and social protection systems;
4 Realizing new opportunities for managing forest resources as a resource for enhancing climate resilience, including carbon sinks that concentrate on halting deforestation and promoting cleaner cooking;
5 accelerating the transition to clean energy by expanding renewable energy sources and fortifying regional energy markets; and
6. Updating vehicle standards and enhancing public transportation are only two examples of how to modernize transportation systems.
The paper indicated that Ghana will need to carefully prioritize investments starting from no-regret initiatives that maximize resilience benefits at an affordable cost in the setting of high debt and tight fiscal constraints.
"The nation will need to act quickly to regain macroeconomic stability, ensure the sustainability of its debt, and enhance the business environment in order to raise money from a variety of sources, including private and development funding. According to the analysis, through 2050, the cost of climate action is expected to be in the neighborhood of $2 billion (in present value), which equates to 2% to 3% of total GDP during that time.