With the United Nations Framework Convention on Climate Change (COP29) taking place this week, South Africa expects the COP29 Presidency to enhance efforts to finalise the New Collective Quantified Goal on Finance (NCQG), which is a matter of great importance for developing economies.
"As I have said before, the current financing mechanisms have proven insufficient in scale and effectiveness, highlighting the urgency for a new financing model," Minister of Forestry, Fisheries and the Environment Dr Dion George said on Sunday.
The Minister expressed confidence in the South African delegation who will be participating in the COP29 as they departed to attend the conference.
COP29 kicks off on Monday, 11 November and will conclude on Friday, 22 November in Baku, in Azerbaijan.
George will join the South African team in Baku as head of the delegation this week.
READ | SA prepares for UNFCCC COP29
COP29 is expected to focus on intensifying efforts to quantify resources for developing countries to meet ambitious climate targets under this year's theme of "In Solidarity for a Green World."
The climate change conference takes place at a critical moment of intensifying geopolitical tensions, heightened trade protectionist measures, and divisive approaches on issues such as carbon border adjustments.
COP29 is expected to build on strong leadership and outcomes from Dubai COP28.
The incoming COP29 Presidency has set ambitious priorities and the two-day summit at the start of the conference will get proceedings underway, by bringing together global leaders to raise awareness and accelerate climate action.
"Another key issue for South Africa and other developing economy countries is the adoption of Article 6.4 rules that will allow the immediate implementation of carbon market measures and unlocking new projects that contribute to economic growth, decarbonization of value chains and job creation.
"By establishing transparent and robust mechanisms under Article 6, we can enable countries to work together more effectively," the Minister said.
George will be co-chairing discussions on mitigation together with his Norwegian counterpart and in their consultations, the Ministerial Pair will be engaging with parties and all negotiating groups to conduct informal consultations on concrete issues related to overcoming barriers and complexities in implementing countries' Nationally Determined Contributions (NDC) as well as the necessary means of implementation to achieve the 1.5-degree goal and net-zero decarbonisation in 2050.
The NDC cover adaptation, mitigation as well as finance and investment requirements and is based on equity.
George, and his counterpart from Norway, Minister of Climate and Environment Tore Onshuus Sandvik, have been appointed to steer informal consultations on mitigation before and during the COP29.
The Ministerial Pair was appointed by COP29 President-designate and Minister of Ecology and Natural Resources in the Republic of Azerbaijan, Mukhtar Babayev.
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READ | SA, Norway Ministers to drive talks on climate change mitigation
"I have full confidence in our negotiating team, and I encourage all South Africans to follow proceedings on all online platforms. I look forward to joining the team shortly," George said.
Once again, South Africa will be hosting a South African exhibition pavilion at the climate change talks in partnership with the National Business Initiative (NBI).
During the conference a number of dialogues and side events are to be hosted at the Pavilion to showcase the work being done by various South African organisations to raise awareness, adapt to, and mitigate, climate change.
