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G20 Urged to Increase Climate Finance for Developing Countries

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Climate Crisis,G20,Climate Finance

South Africa's President Ramaphosa highlights the urgent need for increased climate finance to support developing countries in their efforts to combat the worsening climate crisis.

The ongoing climate crisis is worsening, prompting urgent action from global leaders. President Ramaphosa of South Africa highlighted that African countries are experiencing significant economic losses due to climate extremes, averaging between 2% to 5% of GDP, and diverting up to 9% of their budgets towards recovery efforts. By 2030, up to 118 million extremely poor people in Africa are expected to be exposed to the adverse effects of climate change if no effective measures are taken.

Ramaphosa emphasized the need to elevate this issue to the leader level, seeking increased financial support from the global community, including international financial institutions, development banks, and the private sector, to aid in post-disaster reconstruction. He also stressed the importance of securing agreement on increasing the quality and quantity of climate finance flows to developing countries, with a focus on mobilizing finance for a just energy transition under South Africa’s G20 presidency

 

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