Accessibility links

Breaking News

Pretoria Slams "Paltry" Climate Aid


FILE: COP27 Climate Summit Burkina Faso delegates. Taken November 6, 2022

Support from multilateral organizations "is out of reach of the majority of the world's population due to lending policies that are risk-averse and carry onerous costs as well as conditionalities," South African President Cyril Ramaphosa told the UN COP27 climate summit.

According to a UN-backed report released Tuesday, developing countries and emerging economies need investments well beyond $2 trillion annually by 2030 if the world is to stop the global warming juggernaut.

South Africa President Cyril Ramaphosa , whose coal-dependent country is among the world's biggest polluters, Tuesday criticized international funders for making it difficult for poorer nations to access aid to fight climate change.

According to a UN-backed report released Tuesday, developing countries and emerging economies need investments well beyond $2 trillion annually by 2030 if the world is to stop the global warming juggernaut.

South Africa, one of the world's top 12 polluters, last week revealed that it will require about $98 billion over the next five years to transition to net zero.

Last year, at the COP26 Climate Summit in Glasgow, Pretoria secured $8.5 billion in loans and grants from a group of rich countries towards its green transition.

"We need a clear roadmap to deliver on the Glasgow decision to double adaptation financing by 2025" Ramaphosa said in his address.

He called on rich nations to honor their commitments "because failing to honor these commitments breaks trust and confidence in the process."

The World Bank says South Africa will require at least $500 billion dollars to achieve carbon neutrality.

Last week, it last week granted South Africa $497 million to decommission one of its largest coal-fired power plants and promote renewable energy.

XS
SM
MD
LG