South Africa has put a new climate finance target on the table ahead of the United Nations climate talks, COP26, in Glasgow, Scotland.
Creecy said South Africa would garner support for the new target to be adopted at COP26, when the meetings get underway on 31 October in Glasgow. She said the country was looking for the best possible deal. “What is striking is that we have, as yet, no common global understanding or guidelines to implement Article 2.1,” said Creecy. “These issues, together with the future of long-term climate finance deliberations under the convention, will be a make or break for COP26, as was the case in Madrid at COP25 in 2019.
Oxfam’s findings show that, based on current pledges and plans, wealthy governments will continue to miss the goal and reach only $93-billion to $95-billion a year by 2025 — five years after the goal should have been met.
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