Climate finance remains a key issue: Creecy

Minister of Forestry, Fisheries and the Environment, Barbara Creecy, has expressed concern that developing nations have continually called for more support for the financing of the fight against climate change, yet the funding targets pledged by developed countries are still not being met.

“At the 28th session of the Conference of the Parties (COP28), there will be a renewed call for a scaled-up and predictable goal for climate finance. The deadline for agreeing upon this goal is 2024, and the success of this COP, and perhaps future climate talks, will depend on the outcome,” Creecy said on Thursday.

She was addressing the National Stakeholder consultations on the UN Framework Convention on Climate Change (UNFCCC) COP 28.

“Whilst the establishment of a global fund for loss and damage is indeed a milestone, the difficult task of working out the details of the fund – how it will be financed, where finance will come from, and the form of such finance – will be one of key agenda items in Dubai.

“As with all COPs, finance will remain a key issue. COP 28 therefore takes place in a context where we cannot simply congratulate ourselves for the apparent progress we have made whilst key issues still need to be addressed,” the Minister said.

COP28 to the UNFCCC will be held at Expo City, Dubai in the United Arab Emirates (UAE) from 30 November – 12 December 2023.

“At COP 27, South Africa and the Africa Group put forward the proposal to include the special needs and circumstances of the continent on the conference agenda, but this did not enjoy consensus. This proposal will be made again at COP 28.

“Acknowledging the special circumstances of the African continent will be an important step in upholding the principle of differentiated responsibility, and would recognise the continent’s vulnerability to climate change, but also the need for mitigation and adaptation support,” the Minister said.

She said the first Global Stocktake (GST) will be completed at COP28, where the world will take stock of the collective progress since adopting the Paris Agreement, and make recommendations where implementation of the Agreement is not on course to achieve its long-term goals.

“We already know we are not on track, based on the detailed evidence presented by Parties and other stakeholders during the technical dialogues of the GST over the last year. The outcome of the GST will be the central outcome of COP28, and this outcome must increase collective action on mitigation, adaptation, loss and damage and the provision of support to developing countries to achieve this, commensurate with the challenges we face,” Creecy said.

She noted that the technical phase of the GST (in a series of technical dialogues) has made clear that, while action is proceeding under the Paris Agreement, much more is needed now on all fronts.

“The world is far better off than it would have been without the Paris Agreement and multilateral cooperation, but we are not on track to achieve the global goals we agreed to in Paris in 2015.

“The discussions on the outcome of the GST have started, and focus on key political messages, and more importantly, multilateral and national measures that need to be put in place to accelerate our journey towards a more sustainable and equitable world.

“As the co-facilitator of the consultations on the outcome of the political phase of the GST, together with Demark, South Africa is supporting the incoming Emirati COP Presidency to help identify areas of convergence and divergence between Parties in the run-up to and during COP28,” the Minister said.

She said at the past three COPs, the South African delegation has joined delegations from other developing countries in calling for a clear adaptation work programme with clear targets for building the resilience of developing countries and clear financial mechanisms to achieve this.

“To date there has been little or no progress on this matter,” the Minister said.

SA fully committed to addressing climate change

Creecy affirmed South Africa is commitment to addressing climate change based on science, equity and in the context of sustainable development.

“Hence, our updated Nationally determined contributions (NDCs) seek to balance the three structural components of mitigation, adaptation and the need for international support for implementation.

“Our Climate Change Bill, which was adopted by the National Assembly on Tuesday, will lay a strong legal basis for climate action, and the regulatory framework for the whole of government, business, organised labour and civil society to implement our country’s climate commitments,” the Minister said.

She said COP28 provides a key platform for broader conversations, including: 

• How developing countries in Africa can take advantage of their abundant renewable resources and strategic minerals to build shared prosperity and sustainable development on the continent;
• The threat to sustainable development posed by unilateral trade measures imposed outside the Paris Agreement and in violation of its key principles, and
• The pressing need for transformation of the global financial architecture to make the global financial system fit for purpose, in assisting countries to combat climate change and achieve their sustainable development goals.

– SAnews.gov.za