Sierra Leone’s Deputy Minister of Finance II, Bockarie Kalokoh, has met with other colleague Ministers of finance from Africa to discuss sustainable budgeting approach to climate finance.The ceremony was held at the International Cooperation Forum and Meeting of African Ministers of Finance, Economy and Environment in Sharma Al Sheika, Egypt.
He minister stated that the adoption of green fiscal policies and macro prudential regulation and climate -stress testing can help African countries to be better prepared to face climate change.
According to him, the panel discussion shed light on the vital role of effective fiscal policies in accelerating economic development while furthering environmental and social objectives.
The Africa Ministers acknowledged the importance of climate financing in the face of the realities of climate change mitigation and adaptation in Africa.
They called for the establishment of Climate Finance Units in the Ministries of Finance, which is to strengthen the understanding of the nature and value of the sustainable budgeting approach and how it can help African countries to highlight public finance with climate finance targets.
Various ministers acknowledged and highlighted the special needs and circumstances of Africa, in particular low energy access, debt, climate induced displacement, accessibility to climate finance, saying that Africa needs to achieve social and economic development and eradicate poverty.
Consideration and resolutions were made to accelerate climate financing in the continent that will stimulate economic, environment, and social programs.
The minister called upon multilateral development banks to increase their assistance to better support African countries’ trajectories in implementing long-term development plans.
