By Nkosana Khumalo
The South African government has welcomed the landmark agreement secured at the United Nations Framework Convention on Climate Change (UNFCCC) 29th Conference of the Parties (COP29), held in Baku, Azerbaijan. The deal commits high-income economies to provide $300 billion annually by 2035 to finance climate action in developing economies, signaling a significant step in addressing the global climate crisis.
The agreement also includes a broader call for private sector entities and multilateral development banks to scale up climate financing to $1.3 trillion per year by 2035.
Strengthening Multilateral Financial Support
Deputy Director-General for Climate Change and Air Quality Management in the Department of Forestry, Fisheries, and the Environment, Maesela Kekana, emphasized the transformative potential of the agreement.
“The decision underscores the importance of reforming the multilateral financial architecture to make it fit for purpose to address the climate crisis. It also calls for scaled-up support for climate action from multilateral financial institutions through grant-based and concessional financing,” Kekana stated.
The deal seeks to reduce barriers faced by developing economies, including limited fiscal space, high levels of debt, and the high cost of capital, which often impede their ability to implement effective climate action.
South Africa’s Role in Climate Negotiations
South Africa’s delegation at COP29 was led by Minister of Forestry, Fisheries, and the Environment, Dr. Dion George, who described the conference outcomes as “a win for the country.”
The most notable achievements include the adoption of the Baku Climate Unity Pact, which incorporates several critical components:
• New Collective Quantified Goal (NCQG) on climate finance.
• Global Goal on Adaptation, advancing progress on adaptation indicators to be finalized at COP30 in Brazil in 2025.
• Sharm el-Sheikh Mitigation Ambition and Implementation Work Programme, fostering initiatives for ambitious climate targets.
• Key decisions on implementing Article 6.2 and 6.4 of the Paris Agreement, facilitating the establishment of carbon markets.
“These decisions provide a solid foundation for South Africa to attract investments in green technologies, expand carbon market projects, and drive economic opportunities aligned with our climate goals,” the department said.
Advancing Carbon Markets and Green Investments
The decision to adopt Article 6.2 and 6.4 of the Paris Agreement was particularly significant. It enables South Africa and other developing economies to initiate new carbon market projects. These initiatives are expected to facilitate investment in green technologies and create economic opportunities, enhancing the country’s climate resilience and mitigation efforts.
“The Mitigation Work Programme, co-chaired by myself and my Norwegian counterpart, Tore O. Sandvik, will provide further opportunities to share experiences and match investment needs with investors. I am pleased with the outcome,” Minister George said.
Adapting to Climate Change and Addressing Loss and Damage
On adaptation, COP29 set the stage for tracking global progress through adaptation indicators, with finalization expected at COP30 in 2025. The conference also advanced the institutionalization of the Loss and Damage Fund, a critical mechanism to support climate-vulnerable communities.
Under the joint leadership of South Africa and France, the Loss and Damage Fund is expected to disburse resources by mid-2025, providing much-needed financial assistance to communities affected by the devastating impacts of climate change.
Building on COP29 Success
Despite some criticism of the COP29 presidency and concerns over the consensus process, South Africa views the outcomes as a significant step forward.
“There have been complaints from other parties about the leadership of the COP29 Presidency and that the decisions were not reached through full consensus. However, for South Africa, the decisions that were adopted are a win,” George explained.
He expressed optimism that South Africa’s upcoming presidency of the G20 would further bolster the country’s efforts to champion climate action on a global scale.
Inspiring Hope for Future Action
South Africa’s delegation believes COP29 was a resounding success, offering hope for even greater achievements in the future.
“The conference has inspired hope that we will be able to do more. With the institutionalization of the Loss and Damage Fund and the agreements on climate finance and adaptation, we are on track to make a meaningful difference,” the department said.
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