By Lehlohonolo Lehana.
President Cyril Ramaphosa has reiterated South Africa’s commitment to a just transition to a low-carbon economy, aiming for net zero emissions by 2050.
“Just as it is the countries of the Global South that feel the effects of climate change most, despite being least responsible historically for global emissions, it is critical that we strengthen systems for adaptation and mitigation, build resilience in communities and accelerate our decarbonization efforts and the pace of the just energy transition,” Ramaphosa said while addressing the Climate Resilience Symposium in Pretoria, the country’s administrative capital.
The symposium was organized by National Treasury, the Presidential Climate Commission, and other partners.
“For decades our reliance on coal was a competitive advantage because it allowed us to produce electricity cheaply. However, our emissions-intensive energy system is likely to increasingly undermine our competitiveness in global markets,” he said.
South Africa must embrace a managed transition to a low-carbon economy as it is facing a climate emergency, according to the president.
“If we act too fast, we risk damaging huge sections of our economy before we have built alternative energy and industrial capabilities. At the same time, not acting now risks our economic stability,” he said.
Ramaphosa added that South Africa aims to meet the net-zero emissions by 2050.
Deputy Finance Minister David Masondo emphasised the need for comprehensive green growth strategies and innovative financing models to support a low-carbon, climate-resilient economy.
“High debt levels and increasing debt service costs limit our capacity to invest in critical areas needed for building climate-resilient economies,” Masondo said, adding that the country’s 2024 Budget aimed to support high public and private investment while stabilising debt and reducing fiscal risks.
“Debt stabilisation enhances investor confidence, making South Africa a more attractive destination for green investments, “he said.
Masondo outlined various strategies to mobilise financial resources for sustainable development, including public and private sector participation and new institutional arrangements. He also highlighted the importance of combating illicit financial flows to enhance Africa’s ability to finance climate action.
Maesela Kekana, deputy director-general for the Department of Forestry, Fisheries and the Environment (DFFE), speaking on behalf of new DFFE minister Dion George – at the time in Cape Town for the budget vote – highlighted the importance of a multilateral approach to climate change, particularly for middle-income countries such as South Africa.
He noted the work the government had already done, such as the National Climate Change Response Policy Framework which was adopted in 2011, and said the Climate Change Bill was about to be signed into law.
He explained that the Climate Change Bill, which awaited the President’s signature, provided an overarching framework for climate action and provided tools – such as setting sectoral carbon budgets – to help SA reach its nationally determined contributions of keeping annual greenhouse gas emissions in a range of 350 to 420 megatonnes of CO₂ equivalent by 2030.