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Home » South Africa prioritises finance for developing economies at COP29
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South Africa prioritises finance for developing economies at COP29

newsnote correspondentBy newsnote correspondent11 November 2024No Comments6 Views
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Forestry, Fisheries, and the Environment Minister Dr Dion George is spearheading South Africa’s delegation at the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change, currently taking place in Baku, Azerbaijan. Running from today until November 22, this vital conference serves as a platform for global leaders to unite in raising awareness and accelerating climate action amid an increasing urgency to address environmental challenges.

As the international community grapples with the escalating impacts of climate change, COP29 offers a critical opportunity for nations, especially developing economies, to advocate for the support necessary to confront these challenges head-on. Department spokesperson Peter Mbelengwa announced that Minister George will co-chair several panel discussions alongside his Norwegian counterpart, Andreas Bjelland Eriksen, aimed at fostering collaborative solutions and innovating climate finance mechanisms.

In his opening remarks, Minister George emphasised the significance of climate finance for developing nations, stating, “South Africa expects the COP29 presidency to enhance efforts to finalise the New Collective Qualified Goal on Finance (NCQG), a matter of great importance for developing economies like ours.” He pointed to the pressing need for new financing models, emphasising that existing mechanisms have fallen short in both scale and effectiveness.

George’s call for transformative financing models echoes a growing sentiment among developing countries, which are often the most vulnerable to climate change yet least equipped to bear its financial burdens. As nations convene to shape future climate policies, South Africa remains steadfast in its commitment to ensuring that financial resources are allocated effectively to achieve climate resilience and sustainability.

As COP29 progresses, all eyes will remain on the discussions led by Minister George and other key figures as they seek to influence the global climate agenda and foster equitable solutions that address both immediate and long-term environmental challenges.

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