Cape Town, September 17: A finance package footing the bill for developing nations to generate clean energy and adapt to climate change would make or break climate negotiations, coal-reliant South Africa said on Wednesday.
Joanne Yawitch of the environment ministry said rich nations had failed to fulfil a legal obligation in the UN Framework Convention on Climate Change to finance efforts to combat climate change in emerging nations.
“That finance has never been put on the table in any meaningful sense and at the heart of this negotiation is going to be the extent to which there is a meaningful financial package put on the table and what the nature of that financial package is,” Yawitch told parliament.
South Africa is in a unique position as a country that is one of the worst emitters of greenhouse gases, but is not legally required to commit to emissions reduction under the Kyoto international environment treaty.
The government said it will not assent to any firm reduction targets, which will affect economic growth, while developed countries argue it is time for emerging countries to take on legally binding agreements.
Heading to a G20 summit in Pittsburgh, the issue of raising finance for climate change has become more urgent.
South Africa’s Environmental Minister Buyelwa Sonjica told journalists on Tuesday she expects the world’s richest nations to come up with the projected 0.5% to 1% of global gross domestic product ($200 – 400bn) by 2020.
“That is the kind of commitment we need from them. The $400bn takes into account funding for both adaptation and mitigation respectively. We need the money as of yesterday,” said Sonjica.
—-Agencies