SOUTH Africa’s Forestry, Fisheries and the Environment Minister Barbara Creecy says a breakthrough is needed at COP26 on the issue of climate finance, warning that the failure of developed countries to honour their $100-billion-a-year commitments has led a breakdown of trust.
Addressing a virtual stakeholder consultation session on South Africa’s position ahead of the upcoming climate talks in Glasgow, Scotland, Creecy said that COP26 would not live up to the expectation of being an “ambitious COP” unless clarity was provided on the actual mobilisation of the $100-billion already pledged.
“If developed counties want to re-establish trust, they have a road to travel.”
However, South Africa would also be pushing for a new and “more ambitious” financing goal for the period beyond 2025, particularly in light of Organisation for Economic Cooperation and Development research that shows that developing countries would require between $3-trillion and $4-trillion to implement the mitigation and adaptation
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