South Africa Advocates for Enhanced Climate Finance at COP29
South Africa anticipates additional climate finance commitments during the upcoming global climate conference hosted by the United Nations, according to Dion George, the nation's Minister of Forestry, Fisheries and the Environment, who made the announcement on Monday.
TroibNews 
South Africa anticipates increased climate finance commitments at the forthcoming United Nations global climate conference, according to Dion George, the Minister of Forestry, Fisheries and the Environment. His comments were made during national stakeholder consultations regarding the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, which is set to be held in Baku, Azerbaijan, from November 11 to 22.
George highlighted that the New Collective Quantified Goal on Climate Finance will be established during the conference, emphasizing its significance for developing economies like South Africa. He pointed out that existing climate financing mechanisms are inadequate in terms of both scale and effectiveness, which prompts the need for a novel financing model.
"COP29 presents an opportunity to advocate for innovative and improved financial frameworks that can mobilize substantial resources more efficiently," George stated. He added that such a model must guarantee predictable, accessible, and sufficient funding, address the deficiencies of current systems, and empower nations like South Africa to undertake ambitious climate initiatives.
He further articulated that South Africa seeks to have COP29 expedite the provision of financial, technical, and capacity-building resources, enabling developing nations to achieve the conditional targets defined in their nationally determined contributions and national adaptation plans.
George stressed the necessity for South Africa and other developing economies to secure resources for mitigating climate risks, bolstering resilience, and advancing inclusive and sustainable development. "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," the minister remarked. He concluded by stating that by de-risking investments and establishing new asset classes for clean technologies, it is possible to unlock and leverage larger amounts of public and private funding.
Olivia Brown for TROIB News
George highlighted that the New Collective Quantified Goal on Climate Finance will be established during the conference, emphasizing its significance for developing economies like South Africa. He pointed out that existing climate financing mechanisms are inadequate in terms of both scale and effectiveness, which prompts the need for a novel financing model.
"COP29 presents an opportunity to advocate for innovative and improved financial frameworks that can mobilize substantial resources more efficiently," George stated. He added that such a model must guarantee predictable, accessible, and sufficient funding, address the deficiencies of current systems, and empower nations like South Africa to undertake ambitious climate initiatives.
He further articulated that South Africa seeks to have COP29 expedite the provision of financial, technical, and capacity-building resources, enabling developing nations to achieve the conditional targets defined in their nationally determined contributions and national adaptation plans.
George stressed the necessity for South Africa and other developing economies to secure resources for mitigating climate risks, bolstering resilience, and advancing inclusive and sustainable development. "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," the minister remarked. He concluded by stating that by de-risking investments and establishing new asset classes for clean technologies, it is possible to unlock and leverage larger amounts of public and private funding.
Olivia Brown for TROIB News
