Creecy: Funding of climate change battle remains a hurdle ahead of COP26

Creecy briefed the media on Friday on South Africa’s position ahead of the COP26 climate conference in Glasgow.

She said South Africa will negotiate for the full implementation of the United Nations Framework Convention on Climate Change and the Paris Agreement.

An open agreement to fund developing countries battle climate change is also still a challenge, Creecy warned.

“Although countries have committed to open and transparent discussions, and have shown a willingness for a successful COP, the greatest challenge is expected to be finance issues where huge differences exist between developed and developing countries on the finance required for developing and least developed countries to meet the challenges posed by climate change.”

South Africa wants funds to be directed from rich countries to those whose green transition is critical but underfunded.

“Our country will therefore join others on the continent in calling for a common definition of climate finance, and accounting modalities as well as realistic, predictable and ambitious support which is equally balanced between financing for adaptation and mitigation. Climate finance instruments must include the right mix of grants, concessional loans and private investment that does not exacerbate or contribute to the debt burdens of developing countries.

“South Africa is among the many vulnerable developing countries that are already experiencing the impacts of climate change.  This is evident from the increased frequency of extreme weather conditions, such as floods, droughts and heatwaves that threaten lives, food security, and infrastructure.”

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