- Dion George, South Africa’s Minister Forestry, Fisheries and the Environment said that there is a pressing need for large-scale financial support to enable developing economy nations to meet their climate targets and progress toward sustainable.
- He was speaking at the National Stakeholder Consultation on South Africa’s negotiating mandate at COP29 on Monday in Johannesburg.
Here is a excerpt from his speech:
“COP28 marked a pivotal moment in international climate diplomacy, as we transitioned from negotiating the Paris Agreement to implementing its commitments. Monumental achievements included the conclusion of the first global stocktake, the activation of funding arrangements to address loss and damage—with the establishment of a dedicated fund under the UNFCCC—and the setting of targets for the Global Goal on Adaptation.
As we look ahead to CoP29, we recognise that we are approaching another decisive milestone. This conference presents one of the final opportunities for countries to signal their intentions for new and enhanced Nationally Determined Contributions (NDCs) ahead of the 2025 deadline for the second NDC cycle. These plans will determine whether we collectively fulfil the ambitions set out in the Paris Agreement. Therefore, CoP29 must build consensus, drive momentum, and ensure that every nation is on a sustainable path toward a net-zero economy.
The incoming CoP29 Presidency has set ambitious priorities. A two-day summit at the start of the conference will bring together global leaders to raise awareness and accelerate climate action. Beyond the summit, the Presidency is finalising the New Collective Quantified Goal on Finance (NCQG), a matter of great importance for developing economies like ours.
Moreover, there is a pressing need for large-scale financial support to enable developing economy nations to meet their climate targets and progress toward sustainable, low-carbon development. The current financing mechanisms have proven insufficient in scale and effectiveness, highlighting the urgency for a new financing model. CoP29 presents an opportunity to advocate for innovative and improved financial frameworks that can mobilise substantial resources more efficiently. Such a model must ensure predictable, accessible, and adequate funding, and address the shortcomings of existing systems and empowering countries like South Africa to implement ambitious climate actions.
CoP29 will in addition aim to resolve outstanding issues under Article 6 of the Paris Agreement. Finalising the operational details of both market-based and non-market-based mechanisms will be crucial. These cooperative frameworks are vital not only for reducing emissions globally but also for fostering international collaboration that can spur innovation and help developing economy countries achieve their climate objectives.
By establishing transparent and robust mechanisms under Article 6, we can enable countries to work together more effectively.”
Author: Bryan Groenendaal
