Dion George, new environment minister. (O.J. Koloti, Gallo Images)
South Africa will set a new collective quantitative target (NCQG) on climate finance at $1.3 trillion per year at the COP29 climate change summit in Baku, Azerbaijan next month, according to Minister of Forests, Fisheries and Environment Dion George. The plan is to promote this.
According to the United Nations Framework Convention on Climate Change, developed countries agreed in 2009 to mobilize $100 billion annually by 2020 to help developing countries fight climate change. In 2015, under the Paris Agreement, a legally binding agreement on climate change, “parties extended this goal until 2025 and set new fiscal targets from 2025 onwards, with a lower limit of $100 billion per year. The needs and priorities of developing countries.
Mr George on Monday outlined South Africa's negotiating mission in the national consultations ahead of COP29, calling the size of the NCQG “financially very complex”. He pointed out that developed countries were supposed to contribute $100 billion a year but “didn't do it.”
“I raised the issue and said, 'Even if we give you $100 billion, it's certainly not enough.'” Our view is that at least $1.3 trillion is needed. ' said the Minister.
“Of course, it's difficult to get developed economies to actually contribute as much as they should, because as we move further to the right, it's even harder for countries to contribute.”
He called for honesty from some countries, but will “remain anonymous” for now.
“If you're going to donate, you have to say, 'Donate it and put it in the bank. Then you can add it to the spreadsheet. It's not difficult. If you don't want to do that, just say 'no.' Please. That way we know it's not coming and can make other plans. South Africa is good at planning,” he said.
George said COP28 was a pivotal moment in international climate diplomacy, “moving from negotiating the Paris Agreement to delivering on commitments.”
This year's conference will be the last time countries signal their intention to make new and enhanced Nationally Determined Contributions (NDCs) to reduce national emissions and adapt to the impacts of climate change ahead of the 2025 deadline. Provide one of the opportunities. Second NDC cycle.
“These plans will determine whether we collectively achieve the ambitions set out in the Paris Agreement. COP29 will therefore build consensus and foster momentum to ensure all countries move towards net-zero economies. We need to ensure we are on a sustainable path towards achieving this goal,” George said.
The incoming COP29 Presidency has set ambitious priorities, he said. “A two-day summit at the beginning of the conference will bring together world leaders to raise awareness and accelerate climate action. After the summit, the president will finalize the NCQG, which will This is a very important issue for developing countries like Japan.
“Furthermore, significant financial support is urgently needed to help developing countries meet their climate goals and move towards sustainable, low-carbon development.”
Mr George said current funding mechanisms were proving inadequate in terms of scale and effectiveness, highlighting the urgency for a new model. COP29 provides an opportunity to advocate for innovative and improved fiscal frameworks that can mobilize substantial resources more efficiently.
He said it was important that COP29 accelerate the application of financial, technical and capacity-building resources to help developing countries achieve the conditional targets outlined in their NDCs and national adaptation plans.
“For South Africa and other developing countries, these resources will support our efforts to mitigate climate risks, strengthen resilience and pursue inclusive and sustainable development,” George said. Ta.
The NCQG clearly and ambitiously quantifies the financial support needed by developing economies to implement their climate commitments and development plans, including NDCs, national adaptation plans, low-emissions development strategies, and other relevant policy frameworks. You must provide what you have. Major multilateral goals approved since Glasgow.
“This goal must also reflect a comprehensive and just transition path that is in line with each country's nationally determined socio-economic development priorities.”
Pemmy Gasela, Head of International Climate Change Relations and Reporting at the Ministry of Forestry, Fisheries and the Environment, said a successful COP outcome would reaffirm global solidarity to fulfill commitments and obligations already fulfilled. said.
“The pursuit of a balanced outcome should be understood in light of the importance of sustainable development and poverty eradication in the 1.5°C pathway and transition period,” Gasella said.
He said COP29 must be a “true fiscal COP” that delivers on an ambitious, results-based NCQG that supports developing countries' transition to low-carbon and climate-resilient development.
“The amount of mobilization and preparedness for new goals must be commensurate with the ambition of action. COP29 outcomes must also redress adaptation financing imbalances. The focus must be on implementation and the means to facilitate it.”
He said South Africa plans to submit a new NDC in June next year.
In its 2024 Emissions Gap Report, the United Nations Environment Program said last week that countries must collectively commit to reducing annual greenhouse gas emissions by 42% by 2030 and 57% by 2035 in the next NDC. He announced that this would not be the case, and said he would back this up with swift policies. Without action, the Paris Agreement's 1.5°C target will disappear within a few years.
The latest NDC is expected to be submitted early next year ahead of the COP30 climate change talks in Brazil. The report says that unless the ambitions of these new NDCs are increased and implementation begins soon, the world is on track for a temperature rise of between 2.6°C and 3.1°C this century. This will have serious implications for people, the economy and the planet.
To avoid the current trajectory of warming well above 2°C this century, countries will use COP29 as a “launching pad” to increase ambition and new NDCs will collectively aim to reduce greenhouse gas emissions by 2030. We have to guarantee that we are going to reduce it almost by half.
“Then they must quickly deliver on their commitments, building on the actions currently being taken…solar, wind and forests have real promise for radical and rapid emissions reductions. , it is still technically possible to continue down the 1.5°C path,” the report said.
To realize this potential, a whole-of-government approach, measures to maximize socio-economic and environmental co-benefits, enhanced international cooperation, including reform of global financial structures, and a strong private sector will be strong enough to realize this potential. It is necessary to support NDC. The report said a minimum six-fold increase in action and mitigation investment is needed.
G20 countries, especially the largest emitters, will “need to do the heavy lifting.”
G20 members excluding the African Union will account for 77% of emissions in 2023. “With the addition of the African Union to the G20, the number of countries has more than doubled from 44 to 99, but total emissions remain at only 82%.'' – Emphasizing the need to differentiate responsibilities between countries I am doing it. ”
The report says member states are off track to meet even their current NDCs, meaning the largest emitters need to dramatically increase their action and ambition now and in new commitments. .
“Stronger international support and enhanced climate finance will be essential to ensure that mitigation and development goals can be achieved equitably among G20 members and globally.”
