As South Africa prepares to participate in the UN Climate Change Conference (UNFCCC COP29), government has indicated that it will advocate for climate finance for developing nations, adaptation and international cooperation.
Addressing the national stakeholder consultation session on Monday in Johannesburg, Minister of Forestry, Fisheries and the Environment, Dr Dion George, said there is a pressing need for large-scale financial support to enable developing economy nations to meet their climate targets and progress toward sustainable, low-carbon development.
‘The current financing mechanisms have proven insufficient in scale and effectiveness, highlighting the urgency for a new financing model. COP29 presents an opportunity to advocate for innovative and improved financial frameworks that can mobilise substantial resources more efficiently.
‘Such a model must ensure predictable, accessible and adequate funding, and address the shortcomings of existing systems and empowering countries like South Africa to
implement ambitious climate actions.
‘It is furthermore crucial that COP29 accelerates the application of financial, technical and capacity-building resources that will enable developing countries to meet the conditional targets outlined in their NDCs [Nationally Determined Contributions] and National Adaptation Plans (NAPs),’ the Minister said.
These resources are instrumental in the efforts of developing economies’ capabilities to mitigate climate risks, enhance resilience and pursue inclusive, sustainable development.
‘The new collective quantified goal on finance must provide a clear and ambitious quantification of the financial support needed by developing economy countries to implement their climate commitments and development plans – including NDCs, NAPs, low-emission development strategies, and other relevant policy frameworks, as well as key multilateral goals endorsed since Glasgow,’ the Minister said.
He said this goal should also reflect inclusive just transition pathways, aligned with each co
untry’s nationally determined socio-economic development priorities.
‘Access to finance must be significantly scaled up to offer new additional and predictable funding that is fit for purpose. Specifically, we need grants and highly concessional financing that can be effectively allocated to create enabling environments for rapid investments.
‘By de-risking investments and creating new asset classes for clean technologies, we can unlock and leverage greater amounts of public and private finance,’ the Minister said.
The UNFCCC COP 29 will convene from 11 – 22 November 2024 in Baku, Azerbaijan.
COP29 will in addition aim to resolve outstanding issues under Article 6 of the Paris Agreement.
‘Finalising the operational details of both market-based and non-market-based mechanisms will be crucial. These cooperative frameworks are vital not only for reducing emissions globally, but also for fostering international collaboration that can spur innovation and help developing economy countries achieve their climate
objectives.
‘By establishing transparent and robust mechanisms under Article 6, we can enable countries to work together more effectively,’ the Minister said.
This cooperation will facilitate technology transfer, attract additional finance, and support sustainable development initiatives.
‘For South Africa and other developing nations, resolving these issues is essential to unlocking new opportunities for climate action, enhancing our capacities and accelerating progress toward our NDCs,’ the Minister said.
Source: South African Government News Agency