South Africa urges climate finance to triple for climate goals
South Africa needs to increase climate funding by two to three times current levels to meet emissions targets under the Paris Agreement, Deputy Finance Minister David Masondo said on Friday. He spoke at the release of the 2025 Climate Finance Landscape Report, tracking money flows for 2022 and 2023.
Annual climate spending averaged 188.3 billion rand but falls short of requirements set in Nationally Determined Contributions and net-zero objectives. Masondo said Group of Twenty discussions this year pushed for better coordination between financial systems and environmental goals while seeking greater investment transparency and expanded support for developing nations.
The Presidential Climate Commission prepared the report examining how funds supported the country’s climate programs. Masondo linked climate action to national development priorities and the Just Transition Framework guiding the shift away from fossil fuels.
