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Presidency study urges doubling of Climate Finance

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Presidency study urges doubling of Climate Finance

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30th November 2023

By: Bloomberg

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South Africa needs to more than double climate financing to achieve its emissions reduction targets, according to a study by the Presidential Climate Commission.

Current annual average funding of R131-billion needs to be boosted to R334-billion for the country to meet its net zero goal by 2050, the commission said in the The South African Climate Finance Landscape 2023 published on its website.

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At least R535-billion a year is needed for the nation to meet its so-called nationally determined contribution — a commitment made to the United Nations to slash national emissions — by 2030, the commission said.

Domestic sources of funding accounted for 91% of tracked climate finance, while international sources accounted for 9%, the commission said. South Africa has committed to reduce emissions by 22%-33% by 2030 under the United Nations Paris Agreement to help limit the global temperature increase to 1.5C.

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