South Africa will need R535 billion (US$29.49 billion) per year over the next seven years to meet its contribution to reducing emissions by 22-33% by 2030. This is reported by
Pretoria News, a partner of TV BRICS.

These figures are supported by the Presidential Commission on Climate (PCC) report on South Africa’s climate finance landscape.

The report was released on the eve of the 28th Conference of Parties (COP 28) in the United Arab Emirates (UAE)

The report highlights that domestic sources of climate finance accounted for 91% and grant funding tracked in 2019-2021 averaged R445 million ($24.5 million) per year, less than 2% of tracked climate finance.

Clean energy provided the largest share of private climate finance flows at 65%; followed by energy efficiency and demand-side management (DSM), which received 19%, and has continued to expand over the past two years (15% year-on-year in 2020 and 9% in 2021).

There was also a notable increase in private sector investment in water (wastewater and drought) with R1.9 billion (US$104 million) and R4.8 billion (US$264.6 million).

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