SclimateSA welcomes
SclimateSA welcomes COP29 outcomesThe Minister of Forestry, Fisheries and the Environment, Dr Dion George, has welcomed the outcomes of the UnitedNations Framework Convention on Climate Change (UNFCCC) 29th Conference of the Parties (COP29) that wasconcluded in November 2024, in Baku, Azerbaijan.FFollowing an intense two weeks of consultations and negotiations,parties adopted the Baku Climate Unity Pact consisting of aNew Collective Quantified Goal on climate finance, GlobalGoal on Adaptation and Sharm el-Sheikh Mitigation Ambitionand Implementation Work Programme as well as the keydecisions on implementing the Paris Agreement’s article6.2 and 6.4. The adoption of article 6.2 and 6.4 decisions oncarbon markets will allow South Africa and other developingeconomy countries to initiate new carbon market projects whichwill facilitate investments in green technologies and economicopportunities.Going into the negotiations, Minister George, who was alsothe leader of the South African delegation, was optimistic thatparties would take meaningful decisions towards quantifyingresources for developing economy countries to meet ambitiousclimate targets. “There have been complaints from otherparties about the leadership of the COP29 presidency and thatthe decisions were not reached through full consensus. However,for South Africa, the decisions that were adopted are a win.While we understand the frustration expressed by some parties,we do see the outcomes as a significant step in the right directionas it is more than what we had going into the negotiations and wecan now build on that,” said Minister George.Regarding the new finance goal, the developedeconomy countries have committed to mobilising at leastUSD300-billion per year by 2035 for developing economycountries for climate action. The agreement also providessignals to private sector and multilateral development banksto scale up financing to developing economy countries toUSD1.3-trillion per year by 2035.“The decision underscores the importance of reforming themultilateral financial architecture, to make it fit-for-purposeto address the climate crisis. It also calls for scaled up supportfor climate action from multilateral financial institutionsthrough grant-based and concessional financing,” saidMaesela Kekana, chief negotiator, deputy director general forclimate change and air quality management at the Departmentof Forestry, Fisheries and the Environment.16 | Service magazine
climateSThe climate financing bidHow much money were African countries aiming to secure?The African bloc of government leaders went into COP29 with a financedemand of US.3-trillion per year to be provided to developingcountries, including African countries, by developed nations from 2025.The figure of US.3-trillion per year was based on research conductedby independent experts tasked by the COP26 and COP27 presidencies.What was achieved?Developed and developing countries reluctantly agreed to set a newcollective quantified goal on climate finance of at least US0-billionper year by 2035 for all developing countries. Developed countries tookthe lead to provide and mobilise climate finance from public and private,bilateral and multilateral finance institutions. The agreement also statedthat other more affluent global south countries such as China, Singaporeand Brazil were encouraged to contribute to this new yearly target.A second target called on all actors – ranging from governments toprivate bankers – to scale up all sources of public and private climatefinance to at least US.3-trillion per year by 2035.What were the major problems for African countries at COP29?The main issue is that the US0-billion per year falls far short ofwhat is required for Africa to begin to cope with climate change andextreme weather disasters. For example, if inflation were to average5% per year across the continent over the next 10 years, then by2035 the US0-billion per year would only amount to US5-billionin today’s terms. It is not clear how much of the US0-billion per yearwill be from interest-free loans or grants that don’t need to be repaid.Kekana explained that it further underscores theneed to reduce barriers and address disenablers facedby developing economy countries such as limited fiscalspace, high levels of debts and high cost of capital toprevent such barriers and disenablers from becomingconditionalities for access by developing economycountries to climate finance.For South Africa, the decisionsthat were adopted are a win.On adaptation, parties are on track to finalisethe work on the adaptation indicators to trackprogress in the implementation of the global goalon adaptation, at COP30 in Brazil in 2025.The conference also welcomedthe rapid institutionalisationof the loss and damage fund.Under the leadership of SouthAfrica and France, the fund isexpected to disburse funds toclimate vulnerable communitiesWhat needs to happen next?COP29 established the “road to Belém” initiative, so climate financewill continue to be discussed at COP30 in Belém, Brazil, in November2025. African countries need to negotiate better deals with countrieson a state-to-state level and link those negotiations with multilateralnegotiations such as COP30.For example, the global north is seeking critical energy transitionminerals in Africa through the Minerals Security Partnership. They arewilling to invest billions for access to Africa’s minerals. But they are notwilling to give African countries the climate change adaptation financethey ask for at COP meetings.Therefore, Africa should withhold minerals such as copper, lithiumand graphite that are necessary for the energytransition if finance for climate adaptation is notforthcoming. This way, the COP events will stopbeing talk shops and become the action-baseddiscussions that are necessary to avert furtherclimate disaster.By Kudakwashe Manjonjo, PhD Candidate:Southern Centre for Inequality Studies, Universityof the Witwatersrand.Article courtesy The Conversationin mid-2025. S Service magazine | 17
