An SA delegation led by minister of forestry, fisheries and the environment Dion George heads to this week’s COP29 in Baku, Azerbaijan, where African negotiators will push developed nations for more financing to combat climate change.
Another key issue for SA and other developing countries is the adoption of Article 6.4 rules that will allow the immediate implementation of carbon market measures and the unlocking of new projects that contribute to economic growth, decarbonisation of value chains and job creation.
By establishing transparent and robust mechanisms under Article 6, countries could be enabled to work together more effectively, the government said in a statement on Sunday.
SA is expected to call for a yearly increase of $1.3-trillion to the new collective quantified goal (NCQG) for climate finance. It was established in 2009 when developed nations pledged to support developing nations to meet their climate goals in line with Paris agreements. However, more than two decades later, developing nations including SA argue that the commitments made under the NCQG are insufficient and a new financing model is required.
During public consultations in October, George said: “COP29 presents an opportunity to advocate for innovative and improved financial frameworks that can mobilise substantial resources more efficiently.
“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. By derisking investments and creating new asset classes for clean technologies, we can unlock and leverage greater amounts of public and private finance.”
On Tuesday, the minister of international relations & co-operation, Ronald Lamola, is expected to provide an update on SA’s preparedness for its Group of 20 (G20) presidency. SA takes over from Brazil in December.
Last year, the AU was included as a permanent member of the G20, which also includes the EU. Member states represent about 85% of global GDP, over 75% of global trade and about two-thirds of the world’s population.
Lamola previously said SA’s priorities during its G20 presidency would include reform of the world’s financial architecture and trading system, combating climate change and issues of predatory mining by some countries and corporations, especially in the quest for Africa’s raw materials and critical minerals.
In parliament on Wednesday, department of international relations & co-operation officials are expected to provide an update to its portfolio committee on SA’s participation in the Brics heads of state summit, which was held in Kazan, Russia, in October.
On the same day, the electricity & energy portfolio committee will be briefed by officials of the department of mineral resources & energy and the Independent Power Producers Office on the Renewable Energy Independent Power Producer Procurement Programme and the Risk Mitigation Independent Power Producers Procurement programme.
The SA Post Office’s business rescue practitioners are scheduled to appear before the National Council of Province’s select committee on economic development & trade to provide an update on the financial sustainability of the state-owned entity, considering that it did not receive a bailout in last month’s medium-term budget policy statement.
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