COP27 was held in Egypt from November 6 to 18. The South African government said it captures many issues that were discussed, including the urgency of climate change.
“The draft correctly frames the climate crisis and its solutions in terms of sustainable development goals and just transitions, leaving no one behind, and the need for broader financial sector reform to achieve them,” said Peter Mbelengwa, Department spokesman. Environment, Forestry and Fisheries.
Mbelengwa said South Africa expects the multilateral development banks and international financial institutions to take decisive action to scale up climate finance in 2023 and make their institutional arrangements fit for purpose.
South Africa believes that more urgent action is required to meet the obligations of developed countries, Mbelengwa said.
Mbelengwa said the country welcomed urgent new financial arrangements and a mechanism to address the damage caused by climate change for developing countries. ■