Addressing Africa’s climate finance goals

The 2024 United Nations Climate Change Conference kicked off on Monday in Baku, the capital of Azerbaijan, with a primary goal of bringing together countries to develop a shared plan for curbing further global warming. One of the key discussions at the summit revolves around addressing Africa's climate finance goals. CNBC Africa's Palesa Mofokeng spoke with Maesela Kekana, Deputy Director General and Chief Negotiator for South Africa, to delve into the pressing issues at hand. Kekana highlighted the urgent need to establish a new climate finance goal, as the previous mandate of $100 billion in funding has expired. The negotiations are centered around crucial matters such as rules for carbon trading, mitigation efforts to reduce greenhouse gas emissions, and financing for building resilience and adaptation. With global emissions still on the rise, these issues remain at the top of the agenda. Partnerships play a vital role in accelerating South Africa's climate ambitions, according to Kekana. He emphasized the importance of international cooperation, especially for developing economies like South Africa, in transitioning towards a decarbonized and green economy. While specific partnerships are not being prioritized at the current forum, the focus is on consolidating existing agreements amidst changing dynamics in global climate politics. Kekana also discussed efforts to attract foreign investments into the country, with engagements planned with organizations like the Green Climate Fund and the Climate Investment Fund. As the negotiations progress, South Africa continues its dual approach of seeking financial support while also working towards decarbonization. The discussions at COP29 underscore the critical need for collaborative efforts and innovative solutions to combat climate change on a global scale.