President Cyril Ramaphosa has told world leaders at the UN Climate Change Conference in Egypt that multilateral development banks and other funding institutions need to be reformed to help developing countries in their fight against climate change.
Image:President Cyril Ramaphosa has told world leaders at the UN Climate Change Conference in Egypt that multilateral development banks and other funding institutions need to be reformed to help developing countries in their fight against climate change.
He said funding institutions need to transform and change the way they fund projects to enable countries to develop with regards to climate change. “South Africa is committed to achieving the most ambitious end of the mitigation range in our nationally determined contribution,” he said. On Friday Ramaphosa unveiled an ambitious just energy transition investment plan and asked the country to comment. The plan will provide government with a blueprint to address challenges of poverty, energy security and the urgent threat of climate change. A “just and fair” transition will be at the centre of the government’s agenda.
“It is our hope that this partnership will offer a ground-breaking approach to funding by developed economy countries for the ambitious but necessary mitigation and adaptation goals for a number of developing countries.”Like other vulnerable regions, Ramaphosa said, Africa needs to build adaptive capacity to foster resilience and address loss and damage as agreed at Paris COP21.
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