As the world gears up for COP29 in Baku, South Africa is making a strong push for increased climate finance to support developing nations. Dion George, South Africa's Minister of Forestry, Fisheries and the Environment, emphasized the urgent need for more substantial and effective financial mechanisms during national stakeholder consultations.
\"COP29 presents an opportunity to advocate for innovative and improved financial frameworks that can mobilize substantial resources more efficiently,\" George stated. He highlighted the importance of establishing the New Collective Quantified Goal on Climate Finance at the conference, a pivotal step for countries like South Africa striving to meet their climate commitments.
Current climate financing strategies, according to George, fall short in both scale and effectiveness. South Africa is calling for a new model that ensures predictable, accessible, and adequate funding. This model should address existing system shortcomings and empower nations to implement ambitious climate actions.
The minister outlined that enhanced financial support at COP29 would accelerate the provision of resources necessary for mitigating climate risks, enhancing resilience, and pursuing sustainable development. \"Access to finance must be significantly scaled up to offer new, additional and predictable funding that is fit for purpose,\" he emphasized.
By advocating for grants and highly concessional financing, South Africa aims to create enabling environments for rapid investments in clean technologies. This approach seeks to de-risk investments and unlock greater public and private financial resources, driving forward the global fight against climate change.
As COP29 approaches, South Africa's stance underscores the critical role of robust climate finance in achieving global sustainability goals and supporting the growth of developing economies.
Reference(s):
cgtn.com
