Statement delivered by Honorable Dr. Natu Mwamba,Permanent Secretary, Ministry of Finance and Planning, Tanzania
V20 MINISTERIAL DIALOGUE X
16 April 2023
Honorable Dr. Natu Mwamba,Permanent Secretary, Ministry of Finance and Planning Tanzania
The global climate financing architecture is complex and involves multiple channels for funding. This includes, as heard before, multilateral, bilateral, public and private sources, domestic and also international funds. Understanding these different channels is important for identifying opportunities and challenges for climate finance.
Moreover, it is critical to improve the transparency, comparability, and accessibility of climate finance better, which is crucial for ensuring that investments are aligned with climate goals, avoiding misallocation of capital and ensuring public accountability.
Different types of financial instruments and mechanism such as green bonds, carbon pricing, and climate risks can play a role in mobilizing climate finance and managing climate risks, but each comes with its own different challenges. Given adequate support to effectively adaptation strategies in the form of predictable finance, capacity building, and appropriate technologies, vulnerable countries can minimize the cost of future climate change to the impact of climate change.
Moreover, efforts should be put to simplify the procedures set to accessing climate finance and to increase climate finance to developing countries on adaptation through grants. Tanzania is currently in the process of getting an accreditation to access the Green Climate Funds.
So, in conclusion Tanzania acknowledges various efforts that V20 has been undertaking as a platform to help vulnerable countries in facing the climate change dilemma in ways to assist in promoting and securing climate funding.
Thank you, Chair.