G20 Urged to Increase Climate Finance for Developing Countries

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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COP29 Agrees to Triple Climate Finance for Developing NationsThe UN Climate Change Conference (COP29) concluded in Baku, Azerbaijan, with a significant agreement to triple public finance for developing countries to help them combat climate change and benefit from the global energy transition. The agreement aims to increase annual public finance to $300 billion by 2035, up from the previous goal of $100 billion. This landmark deal represents a major step forward in global climate action, acknowledging the urgent need to support developing nations in their efforts to adapt to and mitigate the impacts of climate change.
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