“It is very complicated, the developed countries were meant to contribute $100 billion, but they didn\u2019t. Our view is that $1.3 trillion is required<\/strong>,” said George.<\/p>\n\n\n\n “But getting developed countries to make this contribution is hard because there has been a (political) shift to the right, and it’s more difficult to get countries to contribute. We have said, let’s have some honesty, say if you are going to contribute or not, so we know,” he added.<\/p>\n\n\n During stakeholder consultations ahead of COP29, George argued that the current financing mechanisms had proved “insufficient in scale and effectiveness,” which he said highlighted the urgency for a new financing model.<\/p>\n\n\n\n “There is a pressing need for large-scale financial support to enable developing economy nations to meet their climate targets and progress toward sustainable, low-carbon development,” said George.<\/p>\n\n\n\n “CoP29 presents an opportunity to advocate for innovative and improved financial frameworks that can mobilise substantial resources more efficiently.<\/p>\n\n\n\n “Such a model must ensure predictable, accessible, and adequate funding, and address the shortcomings of existing systems and empowering countries like South Africa to implement ambitious climate actions,” added the minister.<\/p>\n\n\n\n He said that CoP28 marked a pivotal moment in international climate diplomacy, as we transitioned from negotiations to implementing commitments. <\/p>\n\n\n\n In Dubai in 2023, nearly 200 countries committed to transitioning from fossil fuels to renewable energy to combat climate change. <\/p>\n\n\n\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/10\/image-116.png\")
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