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IMF commits to fund climate change

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The International Monetary Fund (IMF) has committed to putting more funds into a trust that aims to alleviate the effects of climate change.

Speaking to SABC News during the official opening of the United Nations Climate Change Conference (COP28) in the United Arab Emirates, IMF Managing Director Kristalina Georgieva said developing nations are included in this trust.

She says billions of dollars have been budgetted specifically for this initiative.

“From the IMF, we are committed to bringing the $40 billion in resilient and sustainability trust. Eleven programmes are already in place, six of them in Africa,” Georgieva adds.

South Africa’s delegation

President Cyril Ramaphosa has arrived in Dubai, United Arab Emirates to lead South Africa’s delegation at COP28.

The conference brings together world leaders to present the progress and ambition across all pillars of the United Nations Framework Convention on Climate Change as adopted in the Paris Agreement in 2015.

South Africa’s participation at the Conference is in the context of its national determination as set out in the Just Energy Transition Investment Plan in an effort to reduce emissions in line with the Paris Agreement adopted in 2015.

During the official opening of the conference yesterday, progress was made in pushing for the adoption of a fund that will help developing countries address the climate change impact.

The South African delegation to the Conference will include; government and business representatives.

VIDEO: SABC International Relations Editor Sophie Mokoena updates on COP28 conference:

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