GRAY MAGUIRE: Securing climate funding front of mind for SA’s COP26 delegation
Participants also need to ensure stability in the nascent carbon offset market
On Monday the UK, Germany and Canada announced a Climate Finance Delivery Plan to lay out how the developed world will make good on its 2009 commitment to mobilise $100bn per year in climate finance to the developing world by 2020. The timing is critical as the failure to meet climate finance commitments has justifiably eroded the confidence of developing countries to engage in new concessional finance agreements when existing obligations are not being met.
In a recent survey by the Organisation for Economic Co-operation & Development only multilateral institutions were found to be increasing their support, while bilateral public climate finance as well as private finance sources have decreased. This highlights a pressing issue that will be front of mind for the SA delegation as it enters the negotiations: how to position SA so as to maximise investment appeal...