South Africa Advocates for Robust Climate Finance at Upcoming UNFCCC COP29

With the spotlight on climate change like never before, South Africa is positioning itself as a lead advocate for more substantial and effective climate financing ahead of the UN Climate Change Conference (UNFCCC COP29) in November 2024. Dr. Dion George, the Minister of Forestry, Fisheries and the Environment, articulated a clear vision during a national stakeholder consultation session in Johannesburg, emphasizing the urgency for innovative financing models.

For developing countries, the current finance mechanisms have fallen short, and COP29 presents an opportunity to reshape the financial landscape to meet pressing climate goals. The proposed funding model aims to provide predictable, accessible, and adequate finance for developing nations, focusing on amplifying their ability to implement ambitious climate actions. This change will be fundamental in helping countries like South Africa to combat climate risks and push towards sustainable, low-carbon development.

The upcoming UNFCCC COP29 in Baku, Azerbaijan, will serve as a forum for South Africa to advocate for the collective quantified goal on finance. This will form the cornerstone for outlining robust, financial support frameworks necessary for fulfilling climate commitments and development agendas, such as Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs).

Dr. George called for a shift to grand-scale, concessional financing, particularly emphasizing the need for grants and concessional loans. This move would create an enabling environment for rapid and effective allocation of investments, playing a pivotal part in accelerating the transition to clean technology.

South Africa’s approach places heavy emphasis on the finalization of Article 6 of the Paris Agreement, seeking to establish transparent and robust market-based and non-market-based mechanisms. These frameworks are key to reducing emissions, driving international collaboration, and fostering innovation—a stance the Minister insists is vital for developing nations to accomplish climate objectives and enhance sustainable development.

South Africa’s preparation for COP29 highlights a dedicated approach to tackling climate change, ensuring that the nation, alongside other developing economies, has a voice in the call for transformative financial change and international cooperation for a greener future.