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 ($7 billion) needs to be boosted to R334 billion for the country to meet its net zero goal by 2050, the commission said in The South African Climate Finance Landscape 2023 published on its website.
At least 535 billion rand 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.