Source: Antony Sguazzin, Bloomburg/Fin 24, 31 July 2021, photo credit: SciTechDaily
Environment, Forestry and Fisheries Minister Barbara Creecy said countries at the COP26 UN climate talks in November should set a target of mobilising $750 billion per year from developed countries to help poorer nations transition to greener energy.
Creecy, who spoke at a Presidential Climate Commission meeting in South Africa on Friday, said she made the suggestion to peers from 50 countries at a meeting in London this month ahead of the summit.
The goal is significantly higher than the $100 billion per year that was set for 2020, but which rich countries have failed to deliver on. In negotiations leading up to COP26, a compromise is emerging to push the date to 2025.
She has repeatedly stressed that South Africa needed access to international finance if it was to reduce a reliance on coal that made it the world’s 12th-biggest emitter of greenhouse gases.
“Finance is central to the ability of developing countries to advance their ambition on both mitigation and adaptation,” Creecy said.
“Our suggestion is that post-2025, we most move from a floor of $100 billion,” she added. “Taking the needs of developing nations into account, we must move toward a collective goal of mobilising $750 billion a year from public and private sources.”
Creecy said the $100 billion agreed to now must be honored to create trust.
Read more
The South African Pork Producers’ Organisation (SAPPO) coordinates industry interventions and collaboratively manages risks in the value chain to enable the sustainability and profitability of pork producers in South Africa.
