JOHANNSBERG, NOV 26 (IANS) — The South African government welcomed the outcomes of the 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change as "a significant step in the right direction."
According to a statement issued by the South African Department of Forestry, Fisheries and the Environment (DFFE), the outcomes of COP29, which started on November 11 and concluded in the early hours of November 24 in Baku, Azerbaijan, included the Baku Climate Unity Pact consisting of a New Collective Quantified Goal on climate finance, global goal on adaptation and mitigation work program, Xinhua news agency reported.
It also reached key decisions on issues relating to the global carbon market mechanism under articles of the Paris Agreement.
The Minister of Forestry, Fisheries and the Environment Dion George, who was also the leader of the South African delegation, said in the statement that "for South Africa, the decisions that were adopted are a win."
"We do see the outcomes as a significant step in the right direction as it is more than what we had going into the negotiations and we can now build on that," said George.
The minister said South Africa's negotiating team was particularly pleased about the decision on the mitigation work program. "The mitigation work program will provide further opportunities to share experiences and match investment needs with investors. I am pleased with the outcome," he said.
With regard to the new finance goal, the developed countries have committed to mobilising at least $300 billion per year by 2035 for developing countries for climate action. It also provides signals to the private sector and multilateral development banks to scale up financing to developing economy countries to $1.3 trillion per year by 2035, according to the statement.
"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," said Maesela Kekana, deputy director general for Climate Change and Air Quality Management at the DFFE.
Kekana, the chief negotiator, said that it also underscores the need to reduce barriers and address challenges faced by developing economy countries such as limited fiscal space, high levels of debt and high cost of capital.
In the statement, the DFFE noted that the adoption of the decision on carbon markets will allow South Africa and other developing economy countries to initiate new carbon market projects which will facilitate investments in green technologies and economic opportunities.
"The conference also welcomed the rapid institutionalisation of the Loss and Damage Fund. Under the leadership of South Africa and France, the Fund is expected to disburse funds to climate-vulnerable communities in mid-2025," said the department. "Team South Africa believes that COP29 was a huge success, which has inspired hope that we will be able to do more in the future."