President Cyril Ramaphosa has mentioned the mobilisation of finance for a just energy transition (JET) to be among the key issues that the G20 Finance Ministers and Central Bank Governors Meeting will be discussing.
Ramaphosa stated that South Africa will keep pushing for grant funding to assist developing economies’ energy transition during his remarks at the meeting on Wednesday in Cape Town.
In keeping with South Africa’s G20 Presidency theme of solidarity, equality, and sustainability, Reserve Bank governor Lesetja Kganyago and Minister of Finance Enoch Godongwana are hosting the meeting.
JET investment plan
“G20 member countries should lead the way in demonstrating ambition on climate action in the lead-up to COP30 in Brazil later this year,” Ramaphosa said.
“The need to rapidly scale up adaptation funding is particularly important, as those countries that have contributed the least to climate change are now most vulnerable to its effects.”
First approved in 2022, the JET investment plan pledges to transition from fossil fuels to clean energy, which will enhance air quality, benefit the environment, and generate socioeconomic benefits.
It also aims to protect vulnerable workers and communities, enhance energy security and access, drive industrial growth, innovation, and economic diversification, and foster inclusive development.
However, the transition is a sore point in Mpumalanga, where communities are dependent on coal industries.
The province contributes up to 80% of its coal-fired capacity in the country.
Disaster resilience and response
Other priorities that the president listed include strengthening disaster resilience and response, ensuring debt sustainability for developing economies, and harnessing critical minerals for inclusive growth and sustainable development.
Meanwhile, US Treasury Secretary Scott Bessent followed through on his decision not to attend the meeting.
This follows US Secretary of State Marco Rubio’s boycott of the foreign ministers meeting in Johannesburg last week.
South Africa’s G20 theme of solidarity, equality, and sustainability has been dismissed by Rubio on social media as “DEI (diversity, equity, and inclusion) and climate change”.
“My job is to advance America’s national interests, not waste taxpayer money,” Rubio wrote, pledging to also skip the main G20 summit in November.
Also absent from the meeting are the finance ministers of Canada, Japan, India, and China.
