Speaking at the United Nations Framework Convention on Climate Change (UNFCCC) COP30 Leader's Summit, part of the 30th meeting of the Conference of the Parties (COP) in Belém, Brazil, South Africa’s Minister of Forestry, Fisheries and the Environment, Dr Dion George, called for reforms to the international financial system so that multilateral banks can provide long-term and affordable capital for sustainable development and climate action.
According to the Global Stocktake, the collective global progress towards achieving the Paris Agreement goals is insufficient. “The Global Stocktake makes it clear that progress is too slow. We must accelerate action on mitigation, adaptation, loss and damage, and the means of implementation,” Minister George said.
“The Global Goal on Adaptation must deliver measurable indicators and the finance to achieve them. The Sharm El Sheikh Work Programme must unlock real investment through blended models. The Loss and Damage Fund must be capitalised,” the minister said.
He urged further that the Baku to Belém Roadmap must advance 1.3 trillion dollars in grants, concessional finance and fiscal space measures. The roadmap aims at scaling up climate finance to developing countries to support low greenhouse gas emissions and climate-resilient development pathways.
“Climate change is the defining crisis of our time. No nation can face it alone. This is a time that demands courage, solidarity and multilateralism in action. World leaders have a moral duty to close the gap between ambition and finance in the fight against climate change.
“South Africa further reiterates that climate change response measures by developed countries should not impact developing countries' industrial, trade and socio-economic development goals, in line with international law,” the minister said.
In this respect, he emphasised that unilateral climate response measures should not have negative spill-over and cross-border impacts on developing countries.
“Our view is that the unilateral trade measures which aim to achieve unbalanced climate objectives outside of the framework of the multilateral process, or unfairly restrict global trade in green technology, will only serve to hinder our ability to achieve a just transition, and slow the global effort to address climate change,” the minister said.
In fulfilment of South Africa commitments, under the Paris Agreement to reduce greenhouse gas emissions and adapt to climate change impacts, government has submitted its second Nationally Determined Contributions (NDCs). These include a new mitigation target for 2035 of between 320 and 380 mega-tonnes of carbon dioxide equivalent, indicating a clear progression from the country’s 2030 range.
“Our updated adaptation communication identifies our support needs for finance, technology and capacity building,” the minister said.
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