President Cyril Ramaphosa says South Africa went to COP27 with a strong position that multilateral financial institutions need to lower the cost for developing economies to borrow money to fund their climate adaptation and mitigation efforts.
COP27 is taking place at a time when developing countries are under increased pressure to contribute more to reducing global warming.
South Africa will be chairing a high-level roundtable on just transition, and will be making the case for developed economies to do more in supporting developing countries to meet their climate change commitments.
Last week Friday, Ramaphosa said South Africa required around R1.5 trillion for a term of five years, and going forward, this will increase.
President Ramaphosa also criticised the industrialised countries for failure to implement the promises they made at the climate summit COP21 in Paris in 2015.
President Ramaphosa touches down in Egypt for COP27 Climate Conference:
Speaking at a special virtual meeting with the Presidential Climate Commission on Friday, he said South Africa’s key emphasis at the meeting will be that any transition from old energies to new and greener ones must be a just one.
He noted that the $8.5 billion just energy transition investment plan, funded by the United States and several European countries, had been approved by the cabinet. The plan is to be released soon for public consultation.
President Ramaphosa says this transition will help create jobs.
“As we navigate our way through this transition, we create jobs, new jobs, new sectors that are going to have to accompany our transition as we move forward. But also this must be based on our key objective of ensuring that there is inclusive economic growth in our country.”
All the discussions and resolutions that will take place at COP27, as with previous meetings will need to be funded. The financial sector will be keenly watching out for the financial solutions that will be put on the table.
COP27 I President Ramaphosa to lead SA delegation to Egypt: