SA to seek more ambitious financing goal at climate talks

South Africa will seek to increase the funding provided to developing nations for the energy transition as one of its goals at climate talks in Glasgow in November.

The South African delegation’s expectations for the so-called COP 26 conference include a start of “the process for determining a new and more ambitious goal for long-term finance, increasing beyond the $100 billion per year from 2025,” the Department of Forestry, Fisheries and the Environment said in a presentation to lawmakers on Tuesday.

Environment Minister Barbara Creecy in July said poorer nations need to mobilise $750 billion a year to transition to cleaner energy. It must also be assessed whether the goal of raising $100 billion a year from 2020 through 2025 has been achieved, she said in an opinion article last month.

South Africa is calling for the meeting to be “negotiated in a transparent, inclusive and balanced manner,” the department said.

© 2021 Bloomberg


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