By Akani Nkuna
International Relations Minister Ronald Lamola has called for reforms to the way global climate finance is structured, saying funding should reflect how much regions contribute to the phenomenon. He warned that Africa is being unfairly penalised despite contributing the least.
“Africa also receives less than 5% of the global financing on climate change, and [yet] we are disproportionately affected by climate change as the African continent. But we least contribute to it because we are the less industrialised,” he said.
“The entire global financial architecture also has to be reformed to reflect this reality. The money we receive for climate change and mitigation should be proportional to the level of climate change in our continent.”
Lamola was speaking at The Time Africa Impact Dialogue on Thursday held in Hill on Empire, in Johannesburg.
The event brought together African leaders, innovators and policy makers ahead of the G20 Summit to highlight critical issues, which the South Africa Presidency seeks to highlight over the weekend.
Lamola called for fairness in the global political economy and for policies that genuinely reflect the interests of both the global South and North, rather than the usual approach in which the global South — especially Africa — is expected to accept Eurocentric policy proposals.
In a strongly worded address, Lamola stressed the need for Africa to become self-sufficient and to use its mineral wealth to improve the quality of life in its own countries, condemning “mineral exploitation,” which he described as one of the factors delaying African industrialisation.
“We cannot also be left behind in this revolution of critical minerals. We have 30% of the critical minerals that the world needs for bringing transition and for us to lead in innovation of new technologies and artificial intelligence, including electronic vehicles. It is the African continent that will power this revolution,” he said.
Lamola appealed for increased trade between the African continents to drive economic growth and industrialisation.
Africa is currently trading at 16% internally, while the SADC region trades at 21%, figures which, according to Lamola, should be doubled.
He said this would require a clear framework for beneficiating source countries, particularly in relation to critical and raw minerals, so that the domestic economies of African countries can benefit.
“Our minerals are extracted raw as they are, taken to ports and transmitted out of the continent, exporting jobs, exporting economic growth. We are saying as South Africa, this should come to an end,” Lamola said.
The minister also highlighted the role of youth in ushering development and innovation across the continent, urging African leaders to centre developmental ambitions on the young.
“The African continent should not be just a consumer of these innovations. Research and innovation centres must also be in the continent. We must be able to see the investment that will enable the African youth to be at the level of innovation and research,” he said.
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